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 U.S. current account deficit was $484.1 billion in 2015. It exceeded the record $473.4 billion deficit in 2011. The deficit was caused by the U.S. trade deficit of $531.5 billion. However, it is improving as the United States produces more of its own oil, thanks to shale oil being found in Montana and Texas.