Deficit Reduction Act of 2005

Sponsor: JIM NUSSLE (R-IA)

Deficit Reduction Act of 2005 - Title I: Committee on Agriculture - Agricultural Reconciliation Act of 2005 - Subtitle A: Commodity Programs - (Sec. 1101) Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture, for the 2006 and 2007 crop years (and the 2008 and 2009 crop years if direct payments are provided for those crop years), to reduce, by 1% for the crop year concerned, direct payments to the producers on a farm for a covered commodity or for peanuts. (States that no reduction shall be made if direct payments are made for the 2010 or any subsequent crop year of a covered commodity.) (Sec. 1102) Gives producers of covered commodities or peanuts the option of receiving up to 40% of their direct payments in advance for the 2006 and 2007 crop years (and 50 % for the 2005 crop year). (Current law provides for up to 50% advance payments through the 2007 crop year.) (Sec. 1103) Repeals authority for the upland cotton user marketing certificate program.

Economics and Public Finance Topic assigned by the Congressional Research Service. CRS gives each bill one topic, based on the bill as introduced. This one carries 147 subject terms, so it spans well beyond that single label.