WASHINGTON --- President George W. Bush and other senior U.S. officials hailed the new U.S.-Iraq security pact that was approved by Iraqi lawmakers in Baghdad yesterday.>> The two-part security pact consists of a strategic framework agreement that establishes the foundation of a long-term bilateral relationship between the United States and Iraq, as well as a status-of-forces agreement that stipulates how U.S. forces are affected by Iraqi laws.>> A majority vote of Iraqi legislators in attendance approved the new security agreement. The passage of the pact "affirms the growth of Iraq's democracy" as well as its "increasing ability to secure itself," Bush said in White House statement issued yesterday.>> "Two years ago, this day seemed unlikely - but the success of the surge and the courage of the Iraqi people set the conditions for these two agreements to be negotiated and approved by the Iraqi parliament," Bush continued in the statement. "The improved conditions on the ground and the parliamentary approval of these two agreements serve as a testament to the Iraqi, Coalition, and American men and women, both military and civilian, who paved the way for this day.">> Both agreements take effect Jan. 1, 2009. They replace a UN mandate authorizing the U.S. military presence in Iraq that's slated to expire Dec. 31, 2008. The new security pact is slated for review and final approval by Iraq's Presidency Council, Bush said.>> "As the two agreements move to Iraq's Presidency Council for final approval," Bush said in the statement, "we congratulate the members of the Council of Representatives for coming together to approve these historic agreements that will serve the shared and enduring interests of both our countries and the region.