SNAP ANALYSIS-Obama treads carefully in Iraq speech

By Ross Colvin

WASHINGTON Aug 31 (Reuters) - Using the gravity of the Oval Office as a backdrop, President Barack Obama said in a 17-minute televised address to war-weary Americans on Tuesday that it was "time to turn the page" on the unpopular Iraq war.

* Obama declared the formal end of the U.S. combat mission in Iraq but the reality is that there are still 50,000 U.S. troops in harm's way there. Combat units may have been relabeled "advisory and assistance" brigades but they are still heavily armed and may be called upon by the Iraqi government to help in counter-insurgency operations in the still volatile country.

* Even as he trumpeted the success of the U.S. drawdown in Iraq, Obama tried again to assuage Americans' growing doubts about the war in Afghanistan, emphasizing that U.S. forces would be there only for a "limited time" and that they would begin to come home next summer. U.S. military deaths in Afghanistan have soared this summer as violence has worsened.

* Obama's declaration of what he called "this historic moment" was largely ceremonial. Little will change on the ground as Iraqi security forces have been taking the lead in combat operations for months.

* His announcement fulfilled his 2008 election campaign promise to end combat operations in Iraq but it is too early to say how it will play with voters in the Nov. 2 congressional elections. Opinion polls show Americans are preoccupied with stubbornly high unemployment and record government deficits.

* Mindful that the economy is issue No. 1 for recession-weary Americans, Obama stressed that winding down the costly war would enable the government to focus more resources on its "most urgent task" -- boosting hiring and economic growth.

A top Obama aide said earlier that savings from ending the war in Iraq could be redirected toward the economy. The White House had previously suggested the money saved would go toward helping to cut the deficit, which it aims to halve by 2013.

Economists say it is too early to say which path Obama will eventually choose but they point out that any savings will be over the longer term and will not have any immediate effect.