Oh, sure they will.
A writer for Newsweek, who is either lying or delusional, has written an article about how the flooding of New Orleans means that the Republican agenda of tax cuts, Social Security privatization and slashing government programs is over because the rose-coloured glasses have been ripped from the SCLM's eyes and now they can see and report on the fact that not only does the idiot king have no clothes, but he's screwing your household pets.
Meanwhile, in the real world, the main political impact of Katrina destroying New Orleans is that the Evil Party has had to delay abolishing the estate tax so they can instead aim their powerful slander machine at the (conservative) Democrats they have decided to use as scapegoats. Sure, the Coward in Chief might have poll ratings of something on the order of -10%, but there's no election for over a year, and if there's one thing the Evil Party is good at it's throwing up clouds of chaff to distract the eagle-eyed reporters who work for influential papers and the big media outlets. It may have been mentioned before, but if there's anything the Evil Party is good at, it's taking a miserable failure and converting it into a vote generator -- you might have trouble finding a Democrat who could convert ignoring a warning and thus losing thousands of lives into a campaign plank, but the Evil Party does it all the time. Sure, everyone is horrified that the idiot king fiddled while the gulf coast burned (and it's not just New Orleans, either; the B*sh junta is an equal opportunity ignorer, as the governments of surrounding parishes and counties have already mentioned a few times), but the chaff guns are already going and, ooh, look how shiny the foil is.