Exactly they'll spin this "taking full responsibility" into "today President Bush admitted full responsibility for the (insert a number) deaths caused by FEMAs slow response in the aftermath of Hurrican Katrina". A better response would've been the one he gave immediately following the hurricane. He acknowledged mistakes may have been made and that he supported a full investigation.
The Bad side to President Bush's acceptance of resposibility...is...it gives Micahel "'Ole Flint & Steel" Mooore himself some Ammunition for his upcoming motion picture "depicting" this whole Hurricane Katrina Disaster.