Hmm, taken another way, would you also consider this the executive branch overreaching their power?
For example, that the legislature, representing the will of the people creates laws that specify certain norms. The president, by ignoring these laws, is in essence, abdicating his duty to 'execute' the laws. (I really am talking out of my ass here, but you get my point--failure to enforce the law that has been legitimately passed. For example, a similar parallel may be Southern States refusal to honor the 13th and 14th amendments following the civil war).
Interestingly, Article II and section 3 of the Constitution specifies that the president shall
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he shall take Care that the Laws be faithfully executed
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Of course this, if Obama can make a legitimate constitutional claim, he would claim that he is fulfilling the presidential oath:
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"I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States."
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Interesting.
I of course, like Dksuddeth wish Obama would do something similar for firearms (Machineguns & SBRs for all!) but I doubt that's politically feasible.