How important is the domestic eavesdropping bill?

I'm apparently in the only household that admits to watching the State of the Union. Toward the end, President Bush stated that he really felt it was important that the domestic eavesdropping law be reauthorized. Basically pleading with Congress to pass this law, because of the effectiveness it has in helping stop terrorists. Well we are all on board with stopping the terrorists right?

The very next day, the President's spokesman says that the very same reauthorization bill will be vetoed. I wonder what the problem was. Oh, wait the version that was going through Congress did not give retroactive immunity to telecommunications companies. I guess it is more important to protect friends from illegal activities, than the country from terrorists. Which is it President Bush?

Eventually, an extension was granted, meaning this battle will be fought again next week. Rather than letting the Republicans paint them as soft on terrorism, why not show Americans what it means to protect the Bill of Rights, and paint the Republicans as soft on terrorism for vetoing the bill?