Just saw this at the WaPo (reg req)

President Bush commuted the sentence of former aide I. Lewis “Scooter” Libby Monday, sparing him from a 2 1/2-year prison term in the CIA leak case. Bush left intact a $250,000 fine and two years probation for Libby, according to a senior White House official, who spoke on condition of anonymity because the decision had not been announced.

Bush’s move came hours after a federal appeals panel ruled Libby could not delay his prison term in the CIA leak case. That decision put the pressure on the president, who had been sidestepping calls by Libby’s allies to pardon the former chief of staff to Vice President Dick Cheney.

UPDATE: Matt Apuzzo of the AP reports:

President Bush commuted the sentence of former White House aide I. Lewis “Scooter” Libby on Monday, sparing him from a 2 1/2-year prison term that Bush said was excessive. Bush’s move came hours after a federal appeals panel ruled Libby could not delay his prison term in the CIA leak case.

That meant Libby was likely to have to report to prison soon and put new pressure on the president, who had been sidestepping calls by Libby’s allies to pardon the former chief of staff to Vice President Dick Cheney.

“I respect the jury’s verdict,” Bush said in a statement. “But I have concluded that the prison sentence given to Mr. Libby is excessive. Therefore, I am commuting the portion of Mr. Libby’s sentence that required him to spend thirty months in prison.”

Bush left intact a $250,000 fine and two years probation for Libby, and Bush said his action still “leaves in place a harsh punishment for Mr. Libby.”

The left will not be happy.

“As Independence Day nears, we’re reminded that one of the principles our forefathers fought for was equal justice under the law. This commutation completely tramples on that principle,” Sen. Charles Schumer, D-N.Y., said through a spokesman.

Expect the lefty blogs to be downright apoplectic.