An article in the Irish Times nails it down:
Is it the end of Bush's presidency? That is a matter for the constitution.
Will Bush be unable to advance his agenda now? Republicans dominate both houses. Are you kidding?
Will the Republicans be damaged in Midterm elections? No.
Will the Federal government be blamed for the broken levee? No. Emergency planning is a local and state affair. No plans had been made for levees that would withstand this storm under any administration.
"Otherwise sensible Americans of all races will be more concerned by trite, cynical and dangerous political opportunism."