I'd use a module to strip the HTML. Here's a quick try: 
use HTML::TokeParser::Simple;

my $doc = qq(story on GettingIt about <a href="http://ss.gettingit.com
+/cgi-bin/gx.cgi/AppLogic+FTContentServer?GXHC_gx_session_id_FutureTen
+seContentServer=7f12a816fa48a5b9&pagename=FutureTense/Demos/GI/Templa
+tes/Article_View&parm1=A1545-1999Oct12&topframe=true">hacking polls</
+a>. Contrary to what the article says, Time is <b>not</b> checking fo
+r multiple votes on <a href="javascript:document.timedigital.submit()
+;">their poll</a>. And I'm happy to report that despite the fact that
+ my cheater scripts aren't running, I'm still beating Bill Gates.);

my $doc2;
my $total = 0;
my $p = HTML::TokeParser::Simple->new( \$doc );
while ( my $token = $p->get_token ) {
    if ($token->is_text) {
        if (length($token->return_text) + $total <= 200) {
            $doc2 .= $token->return_text;
            $total += length($token->return_text);
        }
        else {
            for (split / /, $token->return_text) {
                if ($total + length($_) <= 200) {
                    $doc2 .= $_ . ' ';
                    $total += length($_) + 1;
                }
                else {
                    last;
                }
            }
            chop($doc2) if $doc2 =~ /\s$/;
        }
    }
    else {
        $doc2 .= $token->as_is;
    }
}
print $doc2;

[download]
Prints 
story on GettingIt about <a href="http://ss.gettingit.com/cgi-bin/gx.c
+gi/AppLogi
c+FTContentServer?GXHC_gx_session_id_FutureTenseContentServer=7f12a816
+fa48a5b9&p
agename=FutureTense/Demos/GI/Templates/Article_View&parm1=A1545-1999Oc
+t12&topfra
me=true">hacking polls</a>. Contrary to what the article says, Time is
+ <b>not</b
> checking for multiple votes on <a href="javascript:document.timedigi
+tal.submit
();">their poll</a>. And I'm happy to report that despite the fact tha
+t my cheat
er scripts

[download]
HTH

Update: changed < limit to <= limit

Update: strike that last one -- misunderstood the question. here's try #2! :) fixes welcome!

--
"To err is human, but to really foul things up you need a computer." --Paul Ehrlich

In reply to Re: Extracting a substring of N chars ignoring embedded HTML by LTjake
in thread Extracting a substring of N chars ignoring embedded HTML by FamousLongAgo

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