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.
Deficits or Surpluses Since 1946. During the 1990s, a combination of tax increases, spending reductions (particularly in defense), and an economic boom reduced the debt as a percentage of GDP and brought four consecutive years of budget surpluses beginning in 1998âthe first such streak in forty years.