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After months of dithering and delay, the Iranian government appears to have grudgingly accepted the U.S. president's diplomatic overtures. Just shy of the deadline for dialogue set by the White House, the Islamic Republic has announced its readiness to offer new "proposals" for talks over its nuclear program.

The move is a political victory of sorts for Obama, who has made "engagement" with Iran a centerpiece of his Middle East policy. But it might end up being a Pyrrhic victory. If true to form, Iran will likely try to use the upcoming talks with Washington the same way it did previous ones with Europe -- as a way to play for time and add permanence to its nuclear project. For Obama to convince Iran's rulers that the costs of their nuclear effort will far outweigh the perceived benefits, talking alone won't be enough; the White House will need real leverage over Tehran.

Secretary of State Hillary Clinton said recently in Thailand that if Iran acquires a nuclear weapon, the U.S. will offer allies in the Middle East a "defense umbrella" to prevent Iranian intimidation. That's a fine sentiment, but it raises the question: Are we capable of doing so?

The answer is more complicated than most people think. The proliferation of weapons of mass destruction and associated delivery systems since the collapse of the Soviet Union means that any "defense umbrella" will require the deployment of missile defense technologies capable of neutralizing a potential salvo of nuclear-tipped missiles—whether from Iran or another rogue such as North Korea.

Yet America's missile-defense efforts are being scaled back. Congress is contemplating a $1.4 billion reduction to the Pentagon's budget for antimissile capabilities.