Politically speaking, impeachment would be great for the GOP. It would help turn public opinion against the Dems.
Today is Day 2 of the 2008 Presidential campaign--they don't want to jeopardize their chances of recapturing the White House.
As in distracting the President from keeping us safe-"for the children"(Sarcasm)
Oddly enough, I suspect that this ends any real chance of Bush being impeached and portends a far more sinister development. It has nothing to do with the "truthfulness" of DemonRat leadership. Instead, it shows they are rigidly disciplined and striving to take over to take over the House, Senate, and Presidency in 2008 under the leadership of Hillary, the Stalinist. Conyers, the most powerful and vocal advocate of impeaching Bush, would not have dropped his crusade without powerful inducements, inducements that could have only come from the Clintons. With election of the putatively "conservative" DemonRat class of 2006 and Bill's recent remark about how conservative the voters are, this clearly becomes part of a simple, diabolical plan: convince enough voters that DemonRats are really moderate or conservative, win the 2008 elections across the board with Hillary becoming President, and impose Marxist, Stalinist rule on the United States. Be afraid, very afraid.
Sure impeachment would be good for the GOP, kind of like bleeding is good for the veins.