One week after Iraq's successful parliamentary elections, the U.S. military confirmed Friday it will cut the number if troops in Iraq by about 7,000 early next year.

Millions of Iraqis voted for a new government Thursday. Officials reported a large turnout, despite scattered violence. A reporter provides an update from Baghdad.

The stakes are high as Iraqis head to the polls to vote on the country's first permanent parliament. Experts debate what impact the elections might have on the attempt to build a democracy in the war torn country.

President Bush delivered a speech emphasizing the need for economic reform and increased security in Iraq and expressed optimism for upcoming elections but said Iraq will continue to face challenges after the vote. After a background report, a reporter discusses…