I'm not always up to date on US politics: I saw the quote in an editorial piece here
and once taken out of context and inserted into an article on Iraq it really does make him look bad (I could use a few other words here, but...), prompting something of a knee jerk reaction.
However, the actual quote (from Buckleupp's link) was:
Destroying human life in the hopes of saving human life is not ethical -- and it is not the only option before us. We're already seeing remarkable advances in the science and therapeutic uses of stem cells drawn from adults and children, and the blood from umbilical cords -- with no harm to the donor. Researchers value embryonic stem cells because they are pluripotent -- which means that they have the potential to develop into nearly all the cell types and tissues in the body. Researchers are now developing promising new techniques that offer the potential to produce pluripotent stem cells -- without having to destroy human life.
For example, several new studies released earlier this month showed the potential of reprogramming adult cells -- such as skin cells -- to make them function like embryonic stem cells. It's exciting new research taking place in the United States of America. Scientists from all over the country hailed this as an important breakthrough. And I'm pleased to report to you that my administration and the NIH helped fund this exciting work. The taxpayers' dollars are going to new kinds of therapies, new kinds of science, new kinds of work that do not cross a moral and ethical line.
I'm all for stem cell research, and I don't believe that it would result in wholesale abortions as some rabid conservatives seem to. Still, it seems kind of lame to cut a few words out of a speech and use them to illustrate a completely different subject.