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I wonder if we have any legal or politcal science (government) experts out there that could answer this question:
If the $700 Bail Out does not pass Congress and it appears that the World Financial Markets started to implode, could President Bush use a special power to declare a national emergency and go ahead and authorize the Treasury Department to spend the money without Congress's approval?
I know the President does have certain powers in an emergency, but I am hazy if something like this would apply. Anyone?
(Please there are many threads about the pros and cons of the bailout, lets just leave this one for the legal and technical aspects of an emergency declaration by the President if Congress does not act)
Given the current state of things, Bush could do it and claim he has the authority. However, Congress still has to approve the spending. They write the checks. I don't believe there is anything Constitutionally that would justify this. Still, that hasn't stopped the Executive Branch before.
It is a real possiblity now that the bill did not pass and the economy has reacted accordingly.
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