Bush Commutes Libby Sentence

Scooter Libby won't be going to jail: President Bush commuted the former Cheney aide's 30-month sentence for perjury and obstruction of justice tonight, but stopped short of a pardon. The move came hours after a federal appeals court denied Libby's motion for bail pending his appeal.

The White House said it "respected" the federal jury's verdict against Libby, who was convicted in March of lying to a grand jury about the leak of covert agent Valerie Plame's identity. But Bush called Judge Walton's prison term "excessive," and pointed out that Libby will still have a $250 K fine and a conviction on his record. (More Bush administration stories.)