"They're running away with their little curly tails between their legs", writes Glenn Reynolds, adding, "It's a disgrace, but par for the course for this bunch".

Not at all a surprise, of course. But very far removed from how they were actually elected in the first place.

Update: Ed Morrissey explains what comes next:

The President will definitely veto this bill, and the Democrats do not have anywhere near the votes needed to override. That means that Congress and the White House will have to reach some sort of compromise, or else theoretically allow the troops to remain in Iraq but without the funds to either fight or come home. If the President doesn't veto it, he has to start retreating in four months, to which he will not willingly assent. It will take weeks to unravel, and in that time I believe that Congress will work on a much smaller supplemental to keep funding going while the negotiations ensue. Reid, however, wants to wait until after the spring recess to start even on the conference committee talks, which will drag out the event even further.

Undoubtedly, Reid won big by declaring defeat. No one really expected this to pass, but Reid managed to talk Hagel and Nelson into reversing themselves, when even the ladies from Maine remained steadfast. He and Nancy Pelosi made it clear that the last election had its consequences, even if it took them several variations on the defeatist theme to do so.

One thing is certain: Chuck Hagel can skip the exploratory committee for the 2008 race.

Another Update: "Not with a bang but a whimper".