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

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to terminate as of December 31, 2010, taxpayer financing of presidential election campaigns. Abolishes the Presidential Election Campaign Fund and the Presidential Primary Matching Payment Account. Directs the Secretary of the Treasury to transfer all amounts remaining in the Fund after enactment of this Act to the general fund of the Treasury to reduce the deficit. Amends the Help America Vote Act of 2002 to terminate the Election Assistance Commission (EAC), the EAC Standards Board, and the EAC Board of Advisors 61 days after enactment of this Act. Requires the Director of the Office of Management and Budget (OMB) to perform EAC functions with respect to certain existing contracts and agreements during the transition period for winding up EAC affairs. Transfers specified election administration functions of the EAC to the Federal Election Commission (FEC). Replaces the Standards Board and the Board of Advisors with a Guidelines Review Board to review voluntary voting system guidelines proposed by the Technical Guidelines Development Committee. Sets forth special requirements relating to the transfer of certain EAC authorities to the FEC with respe…