The latter. The US only has a veto in the Security Council. Though even that isn't entirely unconditional. Recently it abstained on a vote about a cease fire resolution, leading to much entitled complaining from Israel.
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I'm not sure who is doing the calculations here, but the latest estimates I'm seeing for Gates have him down a bit for the year. He also is down after is divorce from Melinda, which included splitting off a good chunk of money for her own personal and philanthropic use.