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.
The CBO estimated that the Senate-passed bill would reduce the deficit by about $160 billion over 10 years and by almost $1 trillion over two decades, while the Social Security Actuary estimated that it would reduce Social Securityâs 75-year shortfall by eight percent.