Directs the President to transition the mission of U.S. forces in Iraq to the following purposes: (1) conducting limited scope and duration operations against al Qaeda and other international terrorist organizations; (2) providing security for U.S. infrastructure and personnel; and (3) training and equipping Iraqi security services. Exempts such activities from the funding and redeployment provisions of this Act.
Directs the President to begin the phased redeployment of U.S. forces from Iraq not later than 120 days after the date of enactment of this Act.
Prohibits funds from being obligated or expended to continue the U.S. Armed Forces deployment in Iraq after March 31, 2008.