Livestock Assistance Act of 2007 - Directs the Secretary of Agriculture to provide: (1) payments through the 2002 livestock compensation program for qualifying livestock disaster losses due to blizzard and drought in Colorado, Kansas, Nebraska, New Mexico, and Oklahoma; and (2) livestock indemnity payments to producers who have incurred livestock disaster losses in 2006 or 2007, or both, including blizzard and drought losses.
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