The Text
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
Every Bill which shall have passed the House of Representatives and the Senate, shall, before it becomes a Law, be presented to the President of the United States; if he approve he shall sign it, but if not he shall return it, with his Objections to that House in which it shall have originated, who shall enter the Objections at large on their Journal, and proceed to reconsider it. If after such Reconsideration two thirds of that House shall agree to pass the Bill, it shall be sent, together with the Objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a Law. But in all such Cases the Votes of both Houses shall be determined by Yeas and Nays, and the Names of the Persons voting for and against the Bill shall be entered on the Journal of each House respectively. If any Bill shall not be returned by the President within ten Days (Sundays excepted) after it shall have been presented to him, the Same shall be a Law, in like Manner as if he had signed it, unless the Congress by their Adjournment prevent its Return, in which Case it shall not be a Law.
Every Order, Resolution, or Vote to which the Concurrence of the Senate and House of Representatives may be necessary (except on a question of Adjournment) shall be presented to the President of the United States; and before the Same shall take Effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the Rules and Limitations prescribed in the Case of a Bill.
The Meaning
The House of Representatives must begin the process when it comes to raising and spending money. It is the chamber where all taxing and spending bills start. The Senate can offer changes and must ultimately approve the bills before they go to the president, but only the House may introduce a bill that involves taxes.
When proposed laws are approved by both the House and Senate, they go to the president. If the president signs the bill, it becomes law at the time of the signature, unless the bill provides for a different start date. If the president does nothing for 10 days, not including Sundays, the bill automatically becomes law, except in the last 10 days of the legislative term. In that time, the president can use a “pocket veto”; by doing nothing, the legislation is automatically vetoed.
If the president does not like the legislation, he or she can veto the bill, list objections, and send it back for reconsideration by the chamber where it originated. If the president vetoes a bill, the bill must be passed again with the votes of two-thirds of the House and the Senate for it to become law.
Congress also may change the bill to make it more acceptable to the president. Although, for political reasons, presidents are cautious about vetoing legislation, the threat of a veto will often press members of Congress to work out a compromise. Similarly, if Congress has the ability to override a veto, it is likely the president will make every effort to compromise on the issue.