The crimes that a US President can be charged with are fairly narrow: "The President, Vice President and all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors."
If telling political lies was a crime, what politician would not be in jail ? And, theres one thing with having a majority in the House and the Senate, and its something else to have a veto proof majority, which the Democrats don't have in either house.
Plus, an impeachment of Bush would look, to a lot of US voters, as a kind of "payback" for the attempt to impeach Clinton. That could backfire, politically, in a big way.