A quick search of the Nexis news database reveals no shortage of news reports about possible levee breaches that could occur in the event of a major hurricane. Here's a small sampling:

ABC's Nightline, 9/15/04: "If it sounds overly dramatic, it is not. This city is surrounded by water on three sides. Lake Pontchartrain to the north and the Mississippi below. A major hurricane hitting right here would breach the levees. Water would cascade in, submerging the city. And because of the levees, it would have no way of escaping."
Associated Press, 5/16/04: "Officials have warned that if a major hurricane hits New Orleans, thousands of people could be killed and the city could be flooded for weeks as flood waters breach the levees ringing the city, which has the topography of a saucer that dips several feet below sea level in many places."
The Advocate, Baton Rouge, Louisiana, 9/19/03: "... the Hurricane Center has developed an 'extremely detailed' map of New Orleans because the city, which sits about 6-feet below sea level and is surrounded by levees, is a 'worst-case scenario' for a major storm to hit. Knowing how far and how fast the water in the inlets will rise, evacuations and cleanups can be better planned, [LSU Hurricane Center director Ivor] van Heerden said. In the case of south Louisiana, a breach of the levees would trap the flood water on the wrong side of the bank once the bayous and rivers receded, van Heerden said."
Richmond Times-Dispatch, 8/6/02: "New Orleans, with more than 460,000 residents, lies entirely below sea level and depends on a system of levees to hold back the Gulf of Mexico. Some researchers say a Category 3 hurricane could breach the levees and kill thousands of people."
At least two other news organizations pointed out the contradiction between Bush's words and reality:

Cox News Service, 9/1/05: "On ABC-TV Thursday, President Bush acknowledged the 'frustration' of New Orleans residents, but said, "I don't think anyone anticipated the breach of the levees.' In fact, such a failure has been forecast for years."
San Francisco Chronicle, 9/2/05: "'I fully understand people wanting things to have happened yesterday. I mean, I understand the anxiety of people on the ground. I can -- I just can't imagine what it's like to be waving a sign saying "come and get me now,'' ' Bush said. 'But I want people to know there's a lot of help coming. ... I don't think anyone anticipated the breach of the levees,' he said. That point was fiercely contradicted on blogs and talk radio Thursday."

Times readers with long memories might also remember an August 11, 2002, Times article in which Times reporter Adam Cohen warned:

New Orleans ... may be America's most architecturally distinctive and culturally rich city. But it is also a disaster waiting to happen. New Orleans is the only major American city below sea level, and it is wedged between Lake Pontchartrain and the Mississippi. If a bad hurricane hit, experts say, the city could fill up like a cereal bowl, killing tens of thousands and laying waste to the city's architectural heritage. If the Big One hit, New Orleans could disappear.

[...]

There is considerable agreement about what the Big One would look like. A Category 4 or 5 hurricane would move up from the Gulf to Lake Pontchartrain, forcing lake water over levees and into the city. If the New Orleans "bowl" filled, the Red Cross says, there could be 100,000 deaths. An additional 400,000 could be stranded on roofs, surrounded by a witches' brew of contaminated water. Property loss estimates run as high as $150 billion, though much of the imperiled architecture -- like the St. Louis Cathedral -- is priceless.