What, you didn't see this coming?

Per CNN: Bush commutes Libby's prison sentence.

Bush was under great pressure by Libby allies to pardon the former chief of staff to Vice President Dick Cheney.

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."

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

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It means that Libby will still have the conviction on his record -- unless he is able to overturn it on appeal, which he will likely continue to pursue.

A pardon is a complete eradication of a conviction record, making it appear as if the person has never been convicted. It's possible that Bush could still grant Libby a full pardon.