Presidential control of the internet...?

Yeah, but thats ENTIRELY beyond what would be necessary.

If sys admins started noticing external attacks on their network, they don't begin firing off countermeasures and hacking the IPs to tie up the intertubes.  They pull the plug on external traffic. The whole hollywood hacking thing doesn't happen in real life.

It's addressing a problem that's in the imagination of hollywood scriptwriters

To an extent I suppose.

I am basing my opinion on what I know of network security.  I'm hardly suggesting network techs are all knowing and all powerful, quite the oppisite.  What I am saying is that in the event of a deliberate attack on the internet (which is still a silly concept), system admins would be more likely to shut down their servers then risk someone gaining illegal access. If you pull the cord, it doesn't matter if you're trinity, you're not gaining access to that system.

The way I'm reading this proposed bill, Obama would have the power to limit access or activities on the internet to hopefully stop any coordinated attack. I can only assume that these are the only two options since there is no way any entity (save for God perhaps, no, not the forumer) could truly monitor everything on the internet with present technology, and even if it were possible, sorting all that data would be impossible, and reacting would be harder still.  So that leaves the option of shutting down the internet essentially. 

That is overkill, and again, its approaching the problem from the wrong side. 

Sorry, I'll explain myself better a litte later, my Circuits class starts in 15 minutes.