From the Washington Post :

"The House of Representatives today passed a $124 billion emergency spending bill that sets binding benchmarks for progress in Iraq, establishes tough readiness standards for deploying U.S. troops abroad and requires the withdrawal of American combat forces from Iraq by the end of August 2008" (read the entire article here).

The President promises to veto (condensed):

"The purpose of the emergency war spending bill I requested was to provide our troops with vital funding. Instead, Democrats in the House, in an act of political theater, voted to substitute their judgment for that of our military commanders on the ground in Iraq.

"As I have made clear for weeks, I will veto it if it comes to my desk. And because the vote in the House was so close, it is clear that my veto would be sustained. Today's action in the House does only one thing: it delays the delivering of vital resources for our troops.

"Democrats want to make clear that they oppose the war in Iraq. They have made their point. For some, that is not enough. These Democrats believe that the longer they can delay funding for our troops, the more likely they are to force me to accept restrictions on our commanders, an artificial timetable for withdrawal, and their pet spending projects. This is not going to happen.

"The Democrats have sent their message, now it's time to send their money. This is an important moment -- a decision for the new leaders in Congress. I expect Congress to do its duty and to fund our troops, and so do the American people -- and so do the good men and women [in uniform] standing with me here today."

The President's full statement here.

What does it mean? Speaker Nancy Pelosi won this vote with absolutely no room to spare.

Of course, my guess is that she had a few votes up here sleeve. Surely, they would not have taken the vote to the floor with such a razor-thin margin.

Analysis from Paul Kane of the Washinton Post here on who voted for what and why.

My analysis in brief: The Speaker won the vote--but she is still losing the war to lose the war. She and John Murtha ought not to laugh too loudly, my guess is that the laughing is not done.

Some brief notes: My favorite Democrat, Gene Taylor, voted against the timetable. A Democrat I admire, and one for whom I have consistently voted, Texas 17 Representative, Chet Edwards, disappointingly, voted for the timetable. The next congressional election in Central Texas should be interesting.