Elliot Abrams, a former senior official in the Bush administration has this to say about the Bush administration's actual position on "Natural Growth".
After quoting George W. Bush's 2004 letter to Ariel Sharon, Abrams unequivocally states:
"For the past five years, Israel's government has largely adhered to guidelines that were discussed with the United States but never formally adopted: that there would be no new settlements, no financial incentives for Israelis to move to settlements and no new construction except in already built-up areas. The clear purpose of the guidelines? To allow for settlement growth in ways that minimized the impact on Palestinians."
Can it be any more clear than that?
Wherever I am, my blog turns towards Eretz Yisrael טובה הארץ מאד מאד