Obama, Congress at Odds over AIG Bonuses

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WASHINGTON -- President Barack Obama may be at odds with Congress over the tax on the American International Group executives bonuses.

Obama said during an interview on CBS' 60 Minutes broadcast Sunday that he does not like the idea of "passing laws that are just targeting a handful of individuals" or using the tax code to punish people.

"Let's see if there are ways of doing this that are both legal, that are constitutional, that uphold our basic principles of fairness, but don't hamper us from getting the banking system back on track," the President said.

Click the player to watch the CBN News report and Pat Robertson's comments on why this move by Congress is unconstitutional.

Obama said he expected the Senate would produce a much different and more acceptable version of the bill - one he could sign.

Last week, lawmakers voted to tax the bonuses at 90 percent.

Big Brother Watching CEO Pay?

One of Vice President Joe Biden's economic advisors says the President is clearly opposed to the tax as a way to get those bonuses back.

Some analysts also say it would be unconstitutional to use the tax code to punish a small group of individuals.

Instead, the Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other businesses.

The New York Times reports it is part of a major plan to overhaul the financial system.

The administration hasn't decided on the details of the plan, including how far it will go.

The White House is thinking about putting the new requirements in place through regulations, rather than have them passed by Congress.

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