Israel needs peace with the Palestinians, and that will likely require a return to the 1967 lines with a few adjustments. These borders can be made defensible if they come with a security package consisting of a joint Israeli-Palestinian security force along the West Bank’s border with Jordan, a demilitarized Palestinian state and a three-way Israeli-Jordanian-Palestinian defense treaty. Combined with such a package, the balanced formula President Obama outlined in his May 19 speech can give Israel the security it needs and deserves.