The news channels themselves discussed this quite a bit internally before going with the story. I agree that on the surface, it's not a word that's acceptable to use on any air, whether it's cable or broadcast. But when the president says it, it becomes news, and that's the justification. The issue is whether or not the president actually said it, or they're just repeating what others say he said. And then, how often you say it, and if you say it in the context in which it was originally said, vs. just saying it in other situations.
I'm for saying it as little as possible. No need to repeat it just because you can. What some channels did was show the quote from the Washington Post, which is the organization that broke the news. Some then read the quote, warning viewers before they said it. Others just said it. Some bleeped it out. Some put asterisks in a few key letters. I felt there was no need for guests to repeat it during discussion. Yet some did. I find it funny that religious organizations seem to feel it was OK.
From the legal side, it's really only a problem for broadcasters if someone complains to the FCC. Until that happens, it's just a matter of personal taste. Should one have cable news on in your house with little kids in the area? Probably not. That subject was also discussed on TV. But then again, what does the supposed use of this language say about the people we have in government. That's a topic for another place.