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.
According to a December 2012 Pew Research Center poll, only a few of the frequently discussed deficit reduction ideas have majority support: 1  69% support raising the tax rate on income over $250,000. 2  54% support limiting deductions taxpayers can claim. 3  52% support raising the tax on investment income.