To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.

Amends the Internal Revenue Code to terminate: (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns; (2) the Presidential Election Campaign Fund; and (3) the Presidential Primary Matching Payment Account. Requires the Secretary of the Treasury to transfer all amounts in the Presidential Election Campaign Fund after its termination to the general fund of the Treasury, to be used only for deficit reduction.