Senator John Warner (R-VA), Armed Services Committee chairman, announced on the floor of the Senate that United Arab Emirates firm DP World would bow out of the controversy surrounding its purchase of UK-based P&O. Earlier Thursday, according to CNN, House and Senate leadership advised President Bush "that the UAE deal was a lost cause."

Warner read from a prepared statement from DP World:

Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Operations North America to a United States entity.

No details have yet been made available.

This is the most public breach to occur between the White House and Congress during the five years of the Bush Administration. Would Bush have made yesterday's legislation his first veto? We'll never know.

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