http://www.cnn.com/2004/US/09/13/lost.bomb/

http://abcnews.go.com/sections/SciTe...er_040916.html

Please tell me the Coast Guard patrols this area once in a while....

Quotes from ABC:
In 2001, the Air Force concluded it was in the public's best interest to leave the bomb in its resting place. Duke, however, would like to see it removed
The location was only a mile offshore and in only 12 feet of water. Duke said the radiation levels here were from seven to 10 times higher than normal. Incidentally, he said, the location was "right where the pilot said they dropped it."
Quote from CNN
The 2001 investigation was in response to a request in August 2000 by Republican Rep. Jack Kingston, who represents the Georgia coastal area in Congress, to reopen the case and determine if the lost bomb posed a threat.

The Air Force report, released in April 2001, said it "concurs with expert conclusions that it is in the best interest of the public and the environment to leave the bomb in its resting place and [that it] remain categorized as irretrievably lost."

The report also estimated it would take as long as five years and cost $5 million to $11 million to recover the bomb.
Al qaeda might not care if it was in the publics best interest to remove this... its under 12 feet of water and some mud. WTF would make you not want to remove it. (Besides the cost - which should be funded in this war on terror) Just the fact that radiation levels are 7 to 10 times higher there is a good cause to remove it. (Think of all that cancer)

Of course it does say that they did not want to take it out in 2001. (Which could of been before Sept 11th)

Edit: CNN Link which has more info added.