### Clue: Roosevelt's initiatives exposed something slippery, by the sound of it (3,4)
### Answer: NEW DEAL 
 ### Explanation: Definition: Roosevelt's initiatives
  **Homophone of**(by the sound of it) "nude",exposed + "eel",something slippery,hard to catch
Defn: US President Roosevelt's series of economic programmes,initiatives to help Americans affected by the Great Depression of the early 1930's