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There is another remedy available that would avoid the pardon power entirely. I harbor no illusions that the incoming Congress will have the testicular fortitude to act, but the mere expiration of their term of office does not mean that George W. Bush and Dick Cheney are no longer subject to impeachment proceedings.
Paragraph 7 of Article I, ยง 3 of the Constitution states:
Judgment in cases of impeachment shall not extend further than to removal from office, and disqualification to hold and enjoy any office of honor, trust or profit under the United States: but the party convicted shall nevertheless be liable and subject to indictment, trial, judgment and punishment, according to law.
The expiration of the current president's term does not make impeachment moot; the House can still investigate and vote articles of impeachment, with the Senate to determine disqualification from holding federal office in the future.
This is not a mere academic question. After serving as president, John Quincy Adams served in the House of Representatives and William Howard Taft served as Chief Justice of the United States. After serving as vice-president, Richard Nixon and Geoge H. W. Bush served as president and Hubert Humphrey served as a U. S. Senator. Walter Mondale served as Ambassador to Japan and was nominated to run for the Senate from Minnesota when Senator Paul Wellstone died in a plane crash.
Here's hoping that the next Congress will pursue articles of impeachment as to whether President Bush has taken care that the laws be faithfully executed as to torture, electronic surveillance, and such other topics as the Congress may deem appropriate.