The Bottom line on the wiretapping story.

From President Bush:

I want to make clear to the people listening that this program is limited in nature to those that are known al Qaeda ties and/or affiliates. That’s important. So it’s a program that’s limited, and you brought up something that I want to stress, and that is, is that these calls are not intercepted within the country. They are from outside the country to in the country, or vice versa. So in other words, this is not a—if you’re calling from Houston to L.A., that call is not monitored. And if there was ever any need to monitor, there would be a process to do that.

A reminder about the current state of the law, from the 2002 FISA Court of Review ruling:

The Truong court, as did all the other courts to have decided the issue, held that the President did have inherent authority to conduct warrantless searches to obtain foreign intelligence information. It was incumbent upon the court, therefore, to determine the boundaries of that constitutional authority in the case before it. We take for granted that the President does have that authority and, assuming that is so, FISA could not encroach on the President’s constitutional power. The question before us is the reverse, does FISA amplify the President’s power by providing a mechanism that at least approaches a classic warrant and which therefore supports the government’s contention that FISA searches are constitutionally reasonable.

via Protein Wisdom (who has tons of more detailed posts on this if you are so inclined)