Update:

AP FRIDAY NIGHT CLARIFICATION ON BUSH/KATRINA VIDEO Fri Mar 03 2006 19:48:29 ET
Clarification: Katrina-Video storyASSOCIATED PRESS
WASHINGTON (AP) _ In a March 1 story, The Associated Press reported that federal disaster officials warned President Bush and his homeland security chief before Hurricane Katrina struck that the storm could breach levees in New Orleans, citing confidential video footage of an Aug. 28 briefing among U.S. officials.
The Army Corps of Engineers considers a breach a hole developing in a levee rather than an overrun. The story should have made clear that Bush was warned about floodwaters overrunning the levees, rather than the levees breaking.
The day before the storm hit, Bush was told there were grave concerns that the levees could be overrun. It wasn't until the next morning, as the storm was hitting, that Michael Brown, then head of the Federal Emergency Management Agency, said Bush had inquired about reports of breaches. Bush did not participate in that briefing.
To further clarify the AP clarification: Bush was told that the levees could be overrun (which is still inaccurate as a technicality, but as good as we are likely to get from the media), or topped, not breached.