Afghan President Hamid Karzai has accepted the Afghan International Election Commission finding that he did not receive more than 50 percent of the vote in the August 20 presidential election. A runoff election between Karzai and his main rival Abdullah Abdullah will be held on November 7.

"We welcome the decision made by the Independent Election Commission, we believe the session is legitimate, legal and according to the constitution of Afghanistan," Karzai said, according to CNN.

Yesterday U.N.-backed fraud investigators threw out nearly a third of Karzai's votes in the disputed election, which has been riddled by charges of corruption and fraud.

The Obama administration has been pushing hard for Karzai and the Afghan government to resolve its election issues and achieve legitimacy before Obama decides whether to send more U.S. troops to the war in Afghanistan.

Secretary of Defense Robert Gates, however, said yesterday that a decision on troops can't wait for the Afghan government to resolve its legitimacy issues.

CNN reported that Sen. John Kerry (D-MA) said after Karzai's news conference today that the runoff "will allow the national leadership to govern with legitimacy."

We believe with this decision by the president today that a time of enormous uncertainty has been transformed into great opportunity.

Late Update: President Obama has released a statement on the runoff election. "This is an important step forward in ensuring a credible process for the Afghan people which results in a government that reflects their will," he said.

Late Late Update: UK Prime Minister Gordon Brown has also released a statement.