Fact Sheet: President Bush Signs the Deficit Reduction Act
Today, President Bush Signed The Deficit Reduction Act Of 2005. This legislation restrains Federal spending and leaves more money in the hands of the American people. Earlier this week, the President proposed a disciplined Federal budget for 2007 to keep taxes low, fund critical priorities, and build on the Administration's record of restraining government spending.  more . . .

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Deficit Reduction Act of 2005

SUMMARY

The Congressional budget resolution for fiscal year 2006 (H. Con. Res. 95) instructed several committees in both the House of Representatives and the Senate to recommend legislative changes that would reduce outlays from direct spending by about $35 billion over the 2006- 2010 period. That process is known as reconciliation and its results are  embodied in S. 1932. (The budget resolution also called for a reconciliation bill that would reduce collections of federal revenues; that legislation is being considered separately by the Congress.)  more . . .