A joint resolution providing a strategy for stabilizing Iraq and withdrawing United States troops.

States that: (1) U.S. forces shall be withdrawn from Iraq at the earliest practicable date if Iraqis fail to form a national unity government by May 22, 2006; (2) if Iraqis form a national unity government by May 22, 2006, the United States shall reach an agreement with such government on a schedule for U.S. combat troop withdrawal by December 31, 2006, leaving only forces to complete the mission of standing up Iraqi security forces; (3) the President shall consult with Congress on this schedule; (4) the President should convene a summit that includes leaders of such government, leaders of the governments of each country bordering Iraq, representatives of the Arab League, the Secretary General of the North Atlantic Treaty Organization (NATO), representatives of the European Union (EU), and leaders of the governments of each permanent member of the U.N. Security Council, to reach a political agreement for Iraq that addresses fundamental issues including federalism, oil revenues, militias, security guarantees, reconstruction, economic assistance, and border security; and (5) the United States should maintain an over-the-horizon military presence to prosecute the war on terror and protect regional security interests.