Mike Allen and Glenn Kessler have a front page article in Saturday's Washington Post on Bush's statement:

President Bush set a goal yesterday of ensuring the creation of a peaceful, democratic Palestinian state alongside Israel before he leaves office in 2009. With British Prime Minister Tony Blair at his side, Bush pledged to put the resources of the United States and the prestige of his presidency behind the quest.

"I'd like to see it done in four years," Bush said. "I think it is possible."

[...]

"I believe we've got a great chance to establish a Palestinian state, and I intend to use the next four years to spend the capital of the United States on such a state," Bush said in an East Room news conference with Blair, his closest ally. "I believe it is in the interest of the world that a truly free state develop."

Coming from a man who said that he would half the deficit in four years, so I'm not exactly sure we can trust him. In fact, I'm pretty sure we can't trust him given his record of broken promises. I do hope that he does follow through with this promise, but I am definitely skeptical.