Can Defy counter Bullet Time if a player recycles +2 to play it?

Ruling: Yes, Defy can counter Bullet Time even if the player recycles +2 to play it. Defy only looks at the printed/base cost of a card, not any additional costs or modifications.

Nuances:

• Bullet Time doesn't actually have additional costs; it's a spell that allows you to pay X power after it resolves to gain an effect
• The power payment for Bullet Time happens on resolution, not when the spell is finalized
• Effects that determine a card's cost always use its base cost, even if that cost is altered or ignored as the card is played
• The battlefield choice for Bullet Time is made on cast, but the power payment happens on resolution