Most likely it would have been called "ObamaAir" by critics and would have forced a government shutdown before a flawed compromise would be implemented. :)

More seriously, a next generation system that they are looking to implement in the future will involve aircraft automatically "negotiating" routes and deviations between themselves and digitizing ATC communications, which would reduce the need for air traffic controllers. However, getting there is a long term project because there are so many things that can go wrong and need to be accounted for.

The airlines would lobby against gubbermint interference in their flights and insist that in a free market they were best placed to manage their own airspace :)