In this paper we explore the factors leading to negative voting in presidential elections, using a national survey of the United States during the 1992 presidential campaign. Negative voting is voting against the opponent, rather than for one's preferred candidate. Based on past research, we explore three propositions: Negative voting is a function of dissatisfaction with the incumbent president's job performance; negative voting is a function of cross‐pressures among voting cues experienced by the voter; and negative voting is a function of disaffection with the political system. Substantial support is found for the first and third propositions, while only moderate support, at best, is found for the second. While we find that negative voting is influenced by individual‐level factors, it is also clear that negative voting flows from dissatisfaction with the larger political system. A multivariate analysis confirms that these systemic factors hold up in the face of controls for the other hypothesized determinants.