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 National Industrial Recovery Act is introduced into Congress. Under Title I of the act, the National Recovery Administration is designated to maintain some form of price and wage controls. Section 7(a) of the act guarantees labor the right to organize and bargain collectively.