That is the administration's argument in a nutshell. Note though that it doesn't refer to the "War Powers Act," as that act tends to limit presidential autonomy.
As for the current warrantless surveillance, the administration concedes that it does not meet the criteria set out in 50 USC 1802 (the warrantless electronic surveillance provision of FISA). The administration argues that the surveillance is authorized by the inherent power of the President, in combination with the Congressional Authorization to use Military Force (AUMF).
Assistant Attorney General's Letters to Senate Intelligence Committee
The link above is to an official summary of the administration's argument.
If congress passes any legislation that attempts to limit presidential powers, isn't that unconstitutional? One branch can only "impede" another where the constitution expressly permits--no?