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1. Once a bill is PASSED by the house and senate it goes to the president for his signing it into law. There are no further reviews or modifications made AFTER a bill is voted on and passed. Bills go to committee for mark ups and modification PRIOR to a vote. I heard the same wishful rumors that some secret banking committee was hard at work carving up the bill, but thats patently untrue and is illegal.

2. There is NO LINE ITEM VETO. The president cannot cut out a portion of any bill he finds objectionable. He can either sign the ENTIRE bill into law or he can Veto it. Period. President Bush has been pratically begging for the laws to be changed to ALLOW line item veto. But currently that is NOT what the law states. See his speach here from June 27th 2006 :
http://www.whitehouse.gov/news/releases/2006/06/20060627-1.html

Quote from W:

Quote:

I believe another crucial test for the Congress is to whether or not the Congress will pass a line-item veto. And that’s what I want to talk to you about today. A line-item veto would be a vital tool that a President could use to target spending that lawmakers tack on to the large spending bills. That’s called earmarking, and that’s become quite a controversial subject here in Washington, D.C.
I happen to believe that a lot of times earmarking results in unnecessary spending. See, part of the job of the President and the leaders in the Congress is to set priorities with the people’s money. If you don’t set priorities, the tendency is to overspend. And sometimes — a lot of times, the earmark doesn’t fit into the priorities that have been sent through the budgetary process. A lot of times earmarks are inserted into bills at the last minute, which leaves no time, or little time, for debate. Part of the process — a good process is one in which members are able to debate whether or not spending meets a priority, whether it makes sense. Earmark sponsors are often not required to provide their colleagues with a reasoned justification for proposed spending. And not surprisingly, the process often results in spending that would not have survived had it not been subject — subjected to closer scrutiny

3. As has been speculated the President most likely hasnt signed the bill yet because they want to get the maximum press coverage and pomp and circumstance lined up for the event. Remember this makes for excellent political fodder “President and Republican leaders are protecting US ports and US Families” Blah, Blah, Blah.