Much legislation originates by the executive (USA PATRIOT Act; warrantless snooping via FISA; etc.) but the only way legislation becomes law is if the Congress passes it.
My point is to direct heat to Congress. As a fiction, this isn't "Obama's" plan, this is a Congressional plan. Congress has complete freedom in crafting legislation. The power that the president has is conditional rejection; where Congress can override presidential rejection.
If by some miracle Obama was led to threaten a veto....