January 13, 2009

President-elect Barack Obama has told Congress he wants the last half of the $700 billion financial bailout funds, and President George W. Bush said he would send the request to Capitol Hill.Not so fast.The bailout bill enacted last fall requires a 15-day waiting period before the final $350 billion can be released. That gives Congress a chance to nix using the money.

The legislation lays out a fast-track process for considering a resolution of disapproval, letting the measure bypass the customary roadblocks in committees and the full House and Senate. It even gives special status to a veto-override measure, in case the president tries to get around Congress' objections with the stroke of his pen.