It looks like Bush took Rush’s advice and decided that since he can’t get any lower in the polls, he might as well free Libby.

President Bush has commuted the prison term of former White House aide I. Lewis “Scooter” Libby, facing 30 months in prison after a federal court convicted him of perjury, obstruction of justice and lying to investigators.
Earlier Monday, a federal appeals court unanimously ruled that Libby could not delay his sentence.
[…]

In a written statement issued hours after that ruling, Bush called the sentence “excessive.” But he also rejected calls for a pardon for Libby.

“The consequences of his felony conviction on his former life as a lawyer, public servant, and private citizen will be long-lasting,” Bush said.

But he said Libby was given “a harsh sentence based in part on allegations never presented to the jury.”

[…]

The conviction remains on Libby’s record and he still has to pay a $250,000 fine.

Liddy Libby can now pursue his appeal without the pressure of doing it before he goes to jail or from jail. There was no reason for his conviction, he was the president in absentia and everyone knew it and I believe that it will probably be overturned in appeal.
Updated: No, I didn’t have Liddy on the mind, it wasn’t a Freudian slip, Dr. West.