The McCain Amendment was passed by Congress, and forbids the use of torture.
Bush signed it into law Friday, issuing the following statement:
The executive branch shall construe Title X in Division A of the Act, relating to detainees, in a manner consistent with the constitutional authority of the President to supervise the unitary executive branch and as Commander in Chief and consistent with the constitutional limitations on the judicial power, which will assist in achieving the shared objective of the Congress and the President, evidenced in Title X, of protecting the American people from further terrorist attacks.
Look at those words closely.
Translation: "I reserve the constitutional right to waterboard when it will "assist" in protecting the American people from terrorist attacks."
Shorter translation: "I deem that this law changes nothing; therefore, I can ignore it at will."