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 Deficit Is Being Reduced. The government reduced the deficit for the FY 2017 budget. But it has no intention of eliminating it. The OMB forecasts that the deficit will become a surplus by FY 2027. Any deficit reduction necessitates painful and hotly disputed spending cuts or tax hikes.