Actually, he said "Heck of a job" (sometimes transcribed as "Heckuva job" to lend it more Texan flavor).
I agree, it's difficult to parse these words of praise in the face of overwhelming evidence to the contrary, but some have given it a shot:
Kate Hale, former Miami-Dade emergency management chief gets the snarky comment of the year award for this one: "He's done a hell of a job, because I'm not aware of any Arabian horses being killed in this storm."
I also heard one Bush apologist make the outrageous claim that Bush was being sarcastic when he said it.