Party bill goes out - it's about time (7)
I believe the answer is:
liberal
'party' is the definition.
(Liberal Party is an example)
'bill goes out it's about time' is the wordplay.
'goes out' indicates anagramming the letters.
'it's about' means one lot of letters goes inside another.
'time' becomes 'era' (an era is a period of time).
'bill' anagrammed gives 'libl'.
'libl' enclosing 'era' is 'LIBERAL'.
(Other definitions for liberal that I've seen before include "Favouring a political philosophy of progress and reform" , "open to new ideas" , "Giving generously" , "Not strict" , "Broad-minded in Braille" .)