Sadly, you are correct. I recall Bush saying he supports the ban against "assault" weapons and large capacity magazines.
However,
Wouldn't renewing the ban fall in Ashcroft's hands? He is certainly a stronger supporter of 2A rights than Bush is. Is it conceivable that when the time comes to renew it, Bush would simply take a hands-off approach and let Ashcroft deal with it?
Actually, it's up to the Congress. The law has a final day (Septmeb 13, 2004) after which it is totally invalid. Unless a new bill is passed and signed into law prior to that date, then things revert to pre-94 conditions with respect to the importation and ownership of "assault" weapons by folks like us.
But part of a bill becoming law is the president's signature. And Bush has stated that he will sign such a bill back into law should it cross his desk. That's why the effort needs to be on preventing it from ever getting there, and thus the concentration on the Congress.