Little Butte/Bear Creek Subbasins Water Feasibility Act - Authorizes the Secretary of the Interior, acting through the Bureau of Reclamation, to conduct the Water for Irrigation, Streams and the Economy Project water management feasibility study and environmental impact statement in accordance with the Memorandum of Agreement Between City of Medford and Bureau of Reclamation for the Water for Irrigation, Streams and the Economy Project, dated July 2, 2004.