OBAMA ISSUES FIRST VETO THREAT

President-elect Barack Obama made his first veto threat Tuesday in a closed-door meeting with Senate Democrats. Obama told his former colleagues that if Congress passes a resolution blocking release of the second half of the financial bailout funds he will veto it, said Sen. Joseph Lieberman after leaving the caucus meeting.
Until today, an Obama veto of a so-called disapproval resolution had been discussed as a theoretical possibility. But the promise made to the Democratic caucus represents a firm stand on behalf of an extension of the $350 billion in Troubled Assets Relief Program (TARP) funds.
The original TARP legislation required the president to specifically request the second half of the funds. Congress then has fifteen days to disapprove of the request or else the money is dispersed. If Obama vetoes the disapproval, Congress would need a two-thirds majority to override that veto to prevent the money from being spent.