What effect does completing a degree have on the 150% rule for federal student aid?

Hello,

If I were to successfully complete an associates degree at a community college and still had remaining funds available by way of a Pell Grant; Could I receive funds for a second associates degree program? What if I have already exceeded 150% cap on credit hours while earning my first degree? Do some of the credit hours in the degree I completed get removed from the calculation for maximum time to complete a degree (150% cap on credits)?

Thanks