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. Last Updated: 07/27/2016

Line-Item Veto Signed

WASHINGTON () -- Handing the presidency unprecedented power over federal spending, President Bill Clinton signed Tuesday the line-item veto bill and said it would help slash special-interest legislation and tax loopholes.

The pens used to sign the historic legislation were dispatched to former presidents Reagan, Ford, Carter and Bush -- all of whom sought the authority to cut specific items from spending bills.

"I thank them and our country thanks them,'' Clinton said. "Their successors will be able to use this power that they long sought to eliminate waste from the federal budget.''

The bill allows the president for the first time to carve out provisions from spending bills.