This is an attempt to lure King Canute into a mine field. The blathering appeaser will surely jump on this as it fits his mind set, all things are negotiable. So, US airpower will be used to support any Iranian ground operations. IMO, there has never been a war where ground was won and held by air power, it has to be on the ground.
End result, Iran controls Iraq. Canute declares victory again and moves on to destroy something else.
Obama is a Sunni Muslim and will never side with Shiite Iran against his fellow Al Queda Sunnis.