Free trade: Free trade, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports). a
Deficit Reduction Act 2005 Law and Legal Definition. The Deficit Reduction Act of 2005 is a United States Act of Congress concerning the budget. It addresses deficit reductions ranging from education to housing and Medicare to Medicaid. It was signed into law by President Bush on February 8, 2006 after a closely divided Congress approved the legislation.
The president claimed that âboth parties have worked together to reduce the deficit by more than $2.5 trillion.â But thatâs only an estimate of deficit reduction through fiscal year 2022, and it would be lower if the White House used a different starting point.