From a newsroom source:

The federal judge who sentenced Scooter Libby today pronounced himself “perplexed” by the president’s statement that the sentence was excessive. Judge Reggie Walton said his 30-month sentence was at the bottom end of the sentencing range under the guidelines for first-time offenders found guilty of perjury and obstruction of justice. “It is fair to say that the Court is somewhat perplexed as to how its sentence could accurately be characterized as ‘excessive,’” Walton said, using the usual judicial convention of referring to himself as “the Court.” The statement comes in a ruling by the judge on a legal question left over from the president’s grant of clemency. The commutation left intact a two-year term of supervised release, but federal law calls for supervised release only after completing a prison term. Today, the judge said a previous Supreme Court ruling allows a president to modify a sentence in virtually any way he desires, as long as it doesn’t “offend the Constitution.” Perhaps tongue-in-cheek, the judge also said that if Libby fails to comply with any condition of his supervised release, the release could be revoked and Libby would be required to serve out the release term in prison. But, says the judge, that’s “an eventuality that this Court has no reason to believe will occur.”