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.
Updated December 22, 2016. âDefinition: A budget deficit is when spending exceeds income. The term usually applies to governments, although individuals, companies, and other organizations can run deficits. There are immediate penalties for most organizations that run persistent deficits.