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.
Democrats do have a point when they say that the federal deficit is going down. The deficit is a measure of a single yearâs shortfall, the difference between what the government takes in and what it spends. And in recent years, the deficit has been declining, thanks to the end of the recession and lower government spending.