These are the first four items in Robert Novak’s weekly political report, which you can have delivered to your computer’s doorstep every Wednesday by googling Human Events. Hurry, this offer is about to expire.

1. The failure of the Petraeus report to significantly alter the political climate on Iraq is bad news for Republicans in the 2008 campaign. The assessment by GOP insiders is that continued casualty lists in the election year will be fatal. President George W. Bush's statement offered little hope for relief.

2. Federal Reserve Chairman Ben Bernanke passed his first big test with a 50-basis-point cut in the federal funds rate. The inflation hawks were unhappy, but equity markets and everybody else approved.

3. As we go to press, Congress is completing action on the State Children's Health Insurance Program (SCHIP) expansion in a complicated parliamentary situation. The probability is that Congress will work its way out of the difficulties and put a bill on President Bush's desk that he has deemed unacceptable. He will almost be forced to veto a popular bill with substantial Republican support after flinching on threats against the student loan and congressional ethics votes.

4. The selection of an unknown retired federal judge for attorney general instead of a prominent conservative is seen in Washington as a smart play but also another sign of weakness. It effectively gives Senate Majority Leader Harry Reid (D-Nev.) veto power.