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.
Simply put, sequestration is the employment of automatic, across-the-board spending cuts to reduce annual budget deficits. 1  The most recent sequester was put in place by Congress in the 2011 Budget Control Act and took effect in 2013. The sequester of 2013 cut $1.2 trillion in spending over nine years.