Veto veto ("withholding Royal Assent") was last exercised in 1708 by Queen Anne with the Scottish Militia Bill 1708. The House of Lords used to have an effective power of veto by refusing to concur in bills adopted by the House of Commons. However, reform first by a Liberal government and then by a Labour government has limited its powers. The Parliament Acts of 1911 and 1949 reduced its powers: they can now only amend and delay legislation. They can delay legislation for up to one year. Under the 1911 Act, money bills (those concerning finance) cannot be delayed, and under
Veto routinely referred to as a 'revisionary power'. The Veto was constructed not as an absolute veto, but rather with limits, such as that Congress can override a veto, and that the President's objections must be stated in writing. These limits would have been important in the minds of the Founders, given that in Britain the monarch retained an absolute veto (though by this time the power had become a formality). Further, as Elbridge Gerry explained in the final days of the Convention: "The primary object of the revisionary check of the President is not to protect the general interest, but