What software to re-encode mpeg 2 at lower bitrate?

What software are you guys using to re-encode mpeg2 at a lower bitrate? I mean specifically from mpeg2 to mpeg2, I do not wish to go to divx or wmv since I plan to use the file for DVD authoring. I just need to reduce the bitrate.

Hi Ieraseu,

The conventional stuff that is normally used(in my order of preference only for Mpeg2):

1.CCE(Cinema Craft Encoder)
2.Canopus and TMpgenc.

Hope this helps.

PS: Read the documentation for each.

Thank you for the repy, TMpgenc seems to do what I want, I will give it a shot and report back on the results.

As an update, TMpgenc in conjunction with ReJig did the trick for me.