Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act

Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act - Amends the Gulf of Mexico Energy Security Act of 2006 to direct the Secretary of the Treasury to deposit: (1) 87.5% of qualified outer Continental Shelf (OCS) revenues into the general fund of the Treasury, and (2) 12.5 % of qualified OCS revenues in a special account in the Treasury to be disbursed 100% to provide financial assistance to states. Considers such funds income to the Land and Water Conservation Fund.

Requires rentals or royalties received by the United States from leases under such Act to be deposited into the Treasury and used for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt.