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 Congressional Budget Office (CBO) estimates that the bill cuts the. deficit by $143 billion over the next 10 years and by $1.2 trillion in the following decade. CBO also. estimates that, for families, premiums for comparable coverage will be lower under reform.