Medicare Prescription Drug Cost Containment Act of 2005 - Directs the Secretary of Health and Human Services, on the same date on which the President submits a budget to Congress, to submit to Congress a determination on the following: (1) whether there is projected to be excess general revenue Medicare prescription drug funding for the fiscal year for which the budget is submitted; or (2) whether there was excess general revenue Medicare prescription drug funding in the prior fiscal year. States that, if there is an affirmative determination on either question, it shall be treated as a Medicare part D (Voluntary Prescription Drug Benefit Program) funding warning in the fiscal year during which the determination is submitted to Congress.
Amends Federal money and finance law, as amended by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, to direct the President to submit to Congress, within 15 days after the budget submission, proposed legislation to respond to such a Medicare part D funding warning. States that such requirement shall not apply if, during the year in which the warning is made, legislation is enacted which eliminates excess general revenue Medicare funding for the period beginning with the fiscal year for which the determination is made and ending on September 30, 2013.
Expresses the sense of Congress that any such submitted legislation should be designed to eliminate excess general revenue Medicare funding for such period.
Sets out the special procedures for House and Senate consideration of the President's legislative proposal in response to such a warning.