It had to happen. President Bush’s bungling of the war in Iraq has been the talk of the summer. On Capitol Hill, some of the more reliable Republicans are writing proposals to force Mr. Bush to change course. A showdown vote is looming in the Senate.

Enter, stage right, the fear of terrorism.

Yesterday, the director of national intelligence released a report with the politically helpful title of “The Terrorist Threat to the U.S. Homeland,” and Fran Townsend, the president’s homeland security adviser, held a news conference to trumpet its findings. The message, as always: Be very afraid. And don’t question the president.

Certainly, the report’s conclusions are disturbing. Nearly six years after 9/11, terrorism remains a huge threat. Al Qaeda has replaced leaders killed or captured by the United States, regrouped in its former home base in the tribal lands on the Pakistan-Afghanistan border and is trying to use affiliated terrorists in Iraq “to raise resources and to recruit and indoctrinate operatives.”

If the report is given an honest reading, it is a powerful rebuke to Mr. Bush’s approach to the war on terror. It vindicates those who say that the Iraq war is a distraction from the real fight against terrorism — a fight that is not going at all well.