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.
Modern Examples of Sequestration. Sequestration was used in the Budget Control Act of 2011 to encourage Congress to reduce the annual deficit by $1.2 trillion by the end of 2012. If lawmakers failed to do so, the law would have triggered automatic budget cuts to the 2013 national security budget.