I can guess at two reasons:
1) When he concocted his scheme he thought that Ashcroft would dispatch the Plame inquiry quickly.
2) He thought that reporters would hold firm and not reveal him as a source.
1) The Ashcroft Angle: Libby's initial lies to the FBI that led to the false statement charges were in October and November, 2003. From the press release accompanying the indictment:
The false statement charge in Count Two of the indictment alleges that Libby lied to FBI agents on October 14 and November 26, 2003, regarding the conversation with Russert on July 10, 2003. Count Three charges Libby with making false statements to FBI agents during the same FBI interviews in October and November 2003 relating to his July 12, 2003 conversation with Cooper.
Ashcroft's recusal came after those initial Libby lies, in late December 2003. I bet Libby wasn't happy when he found out that Ashcroft had recused himself.
2) The Journalist Backstop: Kevin Drum puts it well in this post. "Apparently Libby figured he'd never be caught out because the reporters would stay mum and go to jail on his behalf. He lost that bet."
So long Scooter. Let's hope "Official A" joins you soon.
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