U.S. President George W. Bush (L) holds onto a speedboat driven by his father, former-President George Bush, (R) in the waters close to the Bush compound in Kennebunkport, Maine, August 6, 2004. Bush on Friday defended his administration against charges it issued a terror alert in New York and Washington for political purposes and said the government had an obligation to inform the public about genuine threats. He was accused by Democrats of using last Sunday's warning of potential threats to financial institutions to take political momentum away from White House rival John Kerry. REUTERS/Larry Downing US ELECTION LSD