The redacted 28 pages describing the Saudi Arabian role in 9/11 have become somewhat of a political football. At this point, I suspect the Obama Administration is doing a damage assessment on them to determine whether they will in any way hurt Democratic electoral prospects in November. As the missing pages will likely lead to increased speculation about a major cover-up carried out by the George W. Bush Administration, Obama's political advisers would likely be inclined to convince him to release the document if he is at all hesitating.
If the pages are released there will significant foreign policy fallout. There have already been demands that the Saudi government be considered fair game for remedial lawsuits in U.S. courts by filed by families of victims of 9/11. There is currently a bill in Congress specifically authorizing such action. Riyadh has already responded to it by threatening massive retaliation if official Washington does not take steps to prohibit such legal action, including the warning that it might consider selling off its $750 billion in American based assets, which might produce a surge in U.S. interest rates.