Missing Explosives. - WTF?

Can somebody explain to me how W. is getting away with saying John Kerry is jumping the gun on the missing explosives in Iraq? If this story is true, then we know the explosives weren't moved by Saddam Hussein before the war started. Yet Bush continues to accuse Kerry of jumping the gun and Dick Cheney is continuing to parrot his theory that Saddam moved the explosives before we got there.

How can this not be considered a complete distortion of the facts on the part of the administration?