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.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

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 respect to development of such guidelines.

Transfers to the FEC the EAC Office of Voting System Testing and Certification.

Directs the Comptroller General to: (1) study the procedures used to adopt and modify the voluntary voting system guidelines applicable to the administration of elections for federal office, and (2) develop recommendations on methods to improve such procedures.

Requires the FEC to: (1) study the procedures for the testing, certification, decertification, and recertification of voting system hardware and software used in federal elections; and (2) develop a recommendation on the entity best suited to oversee and carry out such procedures.

Requires the recommendations in both studies to take into account the needs of persons affected by such guidelines, including state and local election officials, voters with disabilities, absent military and overseas voters, and the manufacturers of voting systems.