A bill to amend the Internal Revenue Code of 1954 to impose an additional tax on the sale of gasoline to eliminate Federal budget deficits.

Amends the Internal Revenue Code to impose an additional excise tax on gasoline and gasoline mixed with alcohol. Sets the amount of such tax at: (1) ten cents during 1986; (2) 20 cents during 1987; (3) 30 cents during 1988; (4) 40 cents during 1989; (5) 50 cents during 1990; and (6) ten cents after 1990. Allows for a higher rate during 1991 if a Federal deficit exists.

Establishes in the Treasury a Deficit Reduction Trust Fund. Appropriates to such trust fund the revenues raised by such excise tax. Sets forth requirements for the expenditure of funds from such trust fund.