The President asserts executive authority he doesn't have to alter the terms of a bill that Congress passed, and that he himself signed into law. The House proposes a new bill to achieve exactly the same alteration (this time through incontestably legal means), and what does the President do?
Obviously, he threatens to veto it.
The bill, of course, is Obamacare (hey, even Harry Reid calls it that now), while the amendatory bill renders into constitutionally acceptable form the President's illegal unilateral attempt to delay the employer mandate for a year.
Nor is that all the House is up to today: it's also considering a companion bill to delay the individual mandate for the same period. House Democrats are working furiously to figure out how to avoid the consequences of voting either way on either bill.
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