Though the resolution--expected to be introduced on the Senate floor later today--would not be anything more than a statement of principals, it is a major embarassment for Bush to have such a strongly-worded text co-sponsored by an influential member of his own party. If the resolution draws extensive Republican support, it could be viewed as a full-blown political mutiny against his leadership.
This resolution will re-draw the battle lines over this fight and may set a new tone for the next two years. By next week, the concerned public should have a better sense of how lame a duck the Bush Administration will be for the rest of his term.
While Hagel, Biden, and Levin are canvassing the Hill to drum up extensive bi-partisan support for the measure, Bush has been inviting Republican senators with wavering support for the war over to the White House.
UPDATE: Press conference coming at 2:30.