NPR’s ‘All Things Considered’ and ABCNews.com (AP) report that President Bush has “commuted” Lewis “Scooter” Libby’s prison sentence (30 months for perjury and obstruction of justice) after the D.C. Court of Appeals denied Libby’s appeal to stay out of prison during the pendency of his appeal on the merits.

Bush did not “pardon” Libby. Bush reportedly stated that he respects the jury’s verdict but he has concluded the sentence was excessive and is therefore commuting it. The $250,000 fine remains undisturbed, as does the felony conviction. These items would have been erased by a pardon.

Associated fallout should be front-page news during the remainder of this week. Bush is sure to catch flak from both the political left and right - the left will mock him for excusing criminal conduct by administration cronies, while elements of the right will excoriate him for not pardoning Libby outright. Commentators will suggest that Bush’s popularity is so low, potential disapproval of his treatment of Libby was irrelevant to his decision.

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UPDATE: July 3, ‘07

Bush will not rule out the possibility of a full pardon, news outlets report.