I think its a waste of time.
A) Government Systems like the DoD are already isolated in many, many cases.
Sole power of the internet kill switch in the hands of the President does not bother me terribly... as he has the power of a much bigger kill switch... I think it rhymes with smuclear whistles.
C) Technology produced by third parties and opponent governments would develop a counter before such a system was fully deployed by our vapidly slow legislature and bureaucrats, and the people here would be also try to purposely circumvent it.
D) It would be politically costly for any administration, though hardly insurmountable.
-US taxpayer money is better spent in any one of 3 ways in no particular order.
1. The revitalization of infrastructure to create jobs (as opposed to backing banks in a manner that the World Bank and IMF explicitly suggested against in similar cases worldwide but are mysteriously silent on for the US). Roads, Pipes, Underground Electric Systems, new Infrastructure for electric cars, cost effective use of airships.
2. Practical military hardware improvements, many of which to be found in your local Raytheon despite industry standard overspending.
3. Space exploration... because why not.
Or hell... a free puppy and handgun for every citizen... really anything is better than financing a internet kill switch in my opinion.
NOTE: I am not responsible for how one decides to use their free puppy and handgun. Handgun may be loaded upon shipment of package in loose box with puppy, handle with care.