available in subsequent years to the extent otherwise 
provided in law. 
‘‘(e) COMMODITY CREDIT CORPORATION.— 
‘‘(1) POWERS AND AUTHORITIES OF THE COM-
MODITY CREDIT CORPORATION.—This title shall not 
restrict the Commodity Credit Corporation in the 
discharge of its authority and responsibility as a cor-
poration to buy and sell commodities in world trade, 
to use the proceeds as a revolving fund to meet 
other obligations and otherwise operate as a corpora-
tion, the purpose for which it was created. 
‘‘(2) REDUCTION IN PAYMENTS MADE UNDER 
CONTRACTS.—(A) Loan eligibility under any con-
tract entered into with a person by the Commodity 
Credit Corporation prior to the time an order has 
been issued under section 254 shall not be reduced 
by an order subsequently issued. Subject to subpara-
graph (B), after an order is issued under such sec-
tion for a fiscal year, any cash payments for loans 
or loan deficiencies made by the Commodity Credit 
Corporation shall be subject to reduction under the 
order. 
‘‘(B) Each loan contract entered into with pro-
ducers or producer cooperatives with respect to a 
particular crop of a commodity and subject to reduc-
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smartinez on DSK6TPTVN1PROD with BILLS
tion under subparagraph (A) shall be reduced in ac-
cordance with the same terms and conditions. If 
some, but not all, contracts applicable to a crop of 
a commodity have been entered into prior to the 
issuance of an order under section 254, the order 
shall provide that the necessary reduction in pay-
ments under contracts applicable to the commodity 
be uniformly applied to all contracts for the next 
succeeding crop of the commodity, under the author-
ity provided in paragraph (3). 
‘‘(3) DELAYED REDUCTION IN OUTLAYS PER-
MISSIBLE.—Notwithstanding any other provision of 
this title, if an order under section 254 is issued 
with respect to a fiscal year, any reduction under the 
order applicable to contracts described in paragraph 
(1) may provide for reductions in outlays for the ac-
count involved to occur in the fiscal year following 
the fiscal year to which the order applies. 
‘‘(4) UNIFORM PERCENTAGE RATE OF REDUC-
TION AND OTHER LIMITATIONS.—All reductions de-
scribed in paragraph (2) which are required to be 
made in connection with an order issued under sec-
tion 254 with respect to a fiscal year shall be made 
so as to ensure that outlays for each program, 
project, activity, or account involved are reduced by 
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a percentage rate that is uniform for all such pro-
grams, projects, activities, and accounts, and may 
not be made so as to achieve a percentage rate of 
reduction in any such item exceeding the rate speci-
fied in the order. 
‘‘(5) DAIRY
PROGRAM.—Notwithstanding any 
other provision of this subsection, as the sole means 
of achieving any reduction in outlays under the milk 
price support program, the Secretary of Agriculture 
shall provide for a reduction to be made in the price 
received by producers for all milk produced in the 
United States and marketed by producers for com-
mercial use. That price reduction (measured in cents 
per hundred weight of milk marketed) shall occur 
under section 201(d)(2)(A) of the Agricultural Act 
of 1949 (7 U.S.C. 1446(d)(2)(A)), shall begin on the 
day any sequestration order is issued under section 
254, and shall not exceed the aggregate amount of 
the reduction in outlays under the milk price sup-
port program that otherwise would have been 
achieved by reducing payments for the purchase of 
milk or the products of milk under this subsection 
during the applicable fiscal year. 
‘‘(6) CERTAIN
AUTHORITY
NOT
TO
BE
LIM-
ITED.—Nothing in this joint resolution shall limit or 
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