A bill to provide a comprehensive strategy for stabilizing Iraq and redeploying United States troops from Iraq within one year.

Directs the President to: (1) complete the redeployment of U.S. forces from Iraq within one year of enactment of this Act; (2) change U.S. military priorities in Iraq to the training of Iraqi security forces; (3) condition U.S. political, military, and economic assistance to Iraq upon Iraq's meeting specified benchmarks; (4) maintain an over-the-horizon troop presence in the Middle East to prosecute the war on terror and protect regional security interests; (5) state publicly that the United States does not seek permanent military bases in Iraq; (6) work with Iraqi leaders to convene a diplomatic summit or a series of summits on Iraq; (7) establish an international support group for Iraq's stabilization; (8) establish a regional security alliance to strengthen U.S. allies in the Middle East; and (9) appoint a senior advisor for economic reconstruction in Iraq.

Declares that: (1) the purposes for the authorization of military force in Iraq under P.L. 107-243 (Authorization for Use of Military Force Against Iraq Resolution of 2002) have been accomplished; and (2) effective as of the date of the enactment of this Act the President shall be authorized to use military force in Iraq solely to implement the strategy provided for under this Act.

Directs the Secretary of Defense to report to Congress within 60 days of enactment of this Act respecting such strategy's implementation.