Common Sense Spending Act of 2005

[AI summary unavailable — showing source text] Common Sense Spending Act of 2005 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend discretionary spending limits through FY 2010. Repeals requirements for inclusion in a sequestration report of adjustments to discretionary limits for: (1) continuing disability reviews by the Social Security Administration; (2) specified allowances for the International Monetary Fund and international arrearages; (3) any earned income tax credit compliance initiative; (4) adoption incentive payments; and (5) conservation spending. Requires an adjustment to discretionary spending limits equal to the estimated resulting reduction in mandatory budget authority and outlays utilizing accrual methods, if enacted legislation charges Federal agencies for the full cost of accrued Federal retirement and health benefits, and an appropriations Act provides new budget authority to carry out such legislation. Revises PAYGO requirements to remove receipts from the requirement that any legislation enacted before FY 2011 affecting direct spending (currently, direct spending and receipts) that increases the deficit will trigger an offsetting sequestration. R…