Let's try just one scenario (this is not the only one, but a possibility):
For the sake of argument, I will concede that in a perfect world this bill should be vetoed, but is not being vetoed for other reasons. What other reason would cause a man to do this?
What if the war on terror is bigger than we thought? What if not only do we have to worry about Islamacists, but an alliance of the enviro-wackos, the anarchists, and the Chinese? What if they have evidence that there are nuclear devices already here, but they can't locate them?
In such a situation, we would maybe need to have unity in the Congress and the confidence of the people behind their leadership. That would trump any CFR bill, because a fight would cause division in the country, and don't think the democrats wouldn't use this issue, big time. Maybe he thinks he is going to need McCain's vote to go into Iraq.
At any rate, that is only one possible reason. Things are a bit more complicated when you are the person in charge in real life.
If it were, the first thing this president would do is SEAL THE BORDERS. Do you see that happening?
"Necessity is the plea of every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves." (William Pitt, 1759-1806)