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No, sorry, I actually meant to ask if the president should have the ability to selectively veto parts of a bill. My mistake, sorry.
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No currenty the President can sign it, let it sit, or veto the bill as a whole. And most Presidents don't veto over small earmarks, because of all the debate that went into getting the bill where it is now.
However I think the President should have that power, so he can say, this part has nothing to do with the bill as a whole, and taking it out won't affect the bill any. That section alone goes back to Congress, the House votes, Senate votes, simple majority yes or no. If no, the rest of the bill passes, assuming the President signs or lets it sit, and if yes, then it rejoins as part of the bill, and the President can sign off on it as it was before.