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.
BREAKING DOWN 'Deficit'. The term deficit is generally prefixed by another term to refer to a specific situation, a trade deficit or budget deficit, for example. A trade deficit exists when a nation has exports of $2 billion and imports of $3 billion in a given year.