President Bush should resign, or be impeached, because of gross dereliction of duty.

From factcheck.org:

Over at least the past several budget cycles, the Corps has received substantially less money than it requested for the Lake Pontchartrain project, even though Congress restored much of the money the President cut from the amount the Corps requested.
In fiscal year 2004, the Corps requested $11 million for the project. The President’s budget allocated $3 million, and Congress furnished $5.5 million. Similarly, in fiscal 2005 the Corps requested $22.5 million, which the President cut to $3.9 million in his budget. Congress increased that to $5.5 million. “This was insufficient to fund new construction contracts,” according to a U.S. Army Corps of Engineers’ project fact sheet. The Corps reported that “seven new contracts are being delayed due to lack funds” [sic].
The President proposed $3 million for the project in the budget for fiscal 2006, which begins Oct. 1. “This will be insufficient to fund new construction projects,” the fact sheet stated. It says the Corps “could spend $20 million if funds were provided.” The Corps of Engineers goes on to say:
Army Corps of Engineers, May 23: In Orleans Parish, two major pump stations are threatened by hurricane storm surges. Major contracts need to be awarded to provide fronting protection for them. Also, several levees have settled and need to be raised to provide the design protection. The current funding shortfalls in fiscal year 2005 and fiscal year 2006 will prevent the Corps from addressing these pressing needs.