Your second supposition is correct.
However, your first sentence, saying the Bush administration "lied in terms of misrepresentation" is not clearly correct. Colin Powell's prissy complaints mean nothing. He is the worst sort of RINO. He quite ordinarily votes for Dems--and he hates Bush.
EVERYONE in the intelligence world believed that Saddam had WMDs. And the available evidence that came out in testimonies before the Senate Committee argues pretty strongly that Saddam did have WMDs--but that Saddam got most of them shipped to Damascus before we invaded Iraq.
Maybe you missed the last half of the sentence. Don't see much wrong with it except maybe it doesn't go far enough. Bush's own Treasury Secretary has said that Bush's first order of business in 2001 as the new President was to invade Iraq and get Saddam and he told his staff to go get a good reason to do it.