Sen. Kay Hagan is co-sponsoring an amendment that would limit the pay of CEOs whose companies are receiving federal bailout money to the salary of the U.S. president.

Hagan said top executives receiving money from the bailout were receiving an average of $2.6 million in salary and bonuses, Rob Christensen reports.

"This is a slap in the face to millions of Americans who can’t understand why the same companies who sought out taxpayer dollars to bail them out were in turn paying their top executives more money than many folks will make in a lifetime," Hagan said in a statement. "It's unacceptable, it's unconscionable, and by co-sponsoring this measure, I'm joining the chorus of Americans who have said, 'Enough.'"

Hagan joined with Senators Claire McCaskill of Missouri, Bernie Sanders of Vermont and Tom Harkin of Iowa to sponsor the amendment to the Senate’s economic recovery package.

The president makes $400,000 per year.