"If there was any, any involvement because of the incredible help the Bush campaign got from Enron ... it will be devastating," said Biden, a Delaware Democrat.
Enron and its employees made US$623,000 in contributions to Bush's campaigns since 1993, according to the Center for Public Integrity, a public watchdog group.
Before its collapse Enron contributed to nearly half of the current US House of Representatives and almost three-quarters of the Senate, the group has said.
Enron's auditor, Arthur Andersen also came under fire on Sunday, with Senator Joseph Lieberman saying the No. 5 accounting firm could face criminal indictment for the destruction of documents related to its audit of Enron's books.
The chairman of the Senate Governmental Affairs Committee, Lieberman said his panel had also begun an investigation.
The Connecticut Democrat referred to a report by Time magazine that Andersen ordered employees in an Oct. 12 memo to destroy all Enron audit material except the most basic "work papers."
The magazine reported on Sunday that the workers who audited the company's books were also reminded of the memo in the weeks before the first Security and Exchange Commission subpoenas were issued on Nov. 8.
Andersen on Sunday declined comment on the allegations made in the report but said the firm is committed to getting the facts and reiterated that its records management policy is under review.
"We acknowledge that there were internal communications that raised questions. Until we know more, it would be inappropriate to comment further," Andersen said in a statement issued on Sunday.
Last week Andersen made the stunning admission its employees had destroyed a significant but unknown number of documents related to Enron in recent months.
Former SEC Chairman Arthur Levitt, speaking on ABC's This Week, said he believed it was illegal for Arthur Anderson to shred Enron documents. "I think it is a violation of our securities laws, and it's highly unusual at best," he said.
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