Bush and Cheney requested the money after receiving their party's nomination at the convention last week.
Under election law, major party nominees are entitled to federal funding for the general election if they agree to national spending limits. They may spend no more than the public funding plus a combined total $50,000 from their personal funds.
The candidates may also raise money from supporters for legal and accounting expenses, subject to FEC rules.
The Democratic ticket of Al Gore and Joseph Lieberman will be eligible for the federal money after the party's convention in Los Angeles next week.