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.
â John F. Kennedy, Jan. 17, 1963, annual budget message to the Congress, fiscal year 1964. âIn todayâs economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarges the federal deficit â why reducing taxes is the best way open to us to increase revenues.â.