From the Executive Summary of the 9/11 Commission Report.
http://www.washingtonpost.com/wp-srv/nation/911report/documents/911ReportExec.pdfThe transition to the new Bush administration in late 2000 and early 2001 took place with the Cole issue still pending. President George W. Bush and his chief advisers accepted that al Qaeda was responsible for the attack on the Cole, but did not like the options available for a response.
Bin Ladin’s inference may well have been that attacks, at least at the level of the Cole, were risk free. The Bush administration began developing a new strategy with the stated goal of eliminating the al Qaeda threat within three to five years.
During the spring and summer of 2001, U.S. intelligence agencies received a stream of warnings that al Qaeda planned, as one report put it, “something very, very, very big.” Director of Central Intelligence George Tenet told us,“The system was blinking red.”
Although Bin Ladin was determined to strike in the United States, as President Clinton had been told and President Bush was reminded in a Presidential Daily Brief article briefed to him in August 2001, the specific threat information pointed overseas. Numerous precautions were taken overseas. Domestic agencies were not effectively mobilized. The threat did not receive national media attention comparable to the millennium alert.
While the United States continued disruption efforts around the world, its emerging strategy to eliminate the al Qaeda threat was to include an enlarged covert action program in Afghanistan, as well as diplomatic strategies for Afghanistan and Pakistan.The process culminated during the summer of 2001 in a draft presidential directive and arguments about the Predator aircraft, which was soon to be deployed with a missile of its own, so that it might be used to attempt to kill Bin Ladin or his chief lieutenants. At a September 4 meeting, President Bush’s chief advisers approved the draft directive of the strategy and endorsed the concept of arming the Predator. This directive on the al Qaeda strategy was awaiting President Bush’s signature on September 11, 2001.