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Obama: Iranian Nuclear Deal 'Is Not Built On Trust, It Is Built On Verification.'

The United States and five of its allies have reached a historic agreement with Iran over its nuclear program.

As we've reported, the deal puts tough restrictions on Iran's nuclear ambitions and also sets up an inspections regime that makes sure Iran is meeting its obligations. In exchange, the U.S. and its European partners have agreed to drop tough sanctions on Iran, allowing them to sell more oil and rejoin international financial systems.


We've got a broad outline of the news at another post. Here, we'll keep up with all the updates that emerge throughout the day. Make sure to refresh this page for the latest:

Update at 7:17 a.m. ET. An Opportunity For A New Direction:

In a speech from the White House, President Obama said that quite simply this deal keeps Iran from acquiring a nuclear weapon.

According to Obama, the deal cuts off "every pathway" Iran has to get to a nuclear weapon. It also: removes two-thirds of Iran's centrifuges; includes a commitment from Iran not use its advance centrifuges for a decade and limits Iran's stockpile of enriched uranium for 15 years.

The deal also gives international inspectors what Obama said was 24/7 access to Iran's nuclear facilities.

"That means this deal is not built on trust; it is built on verification," Obama said.

Not having a deal, Obama said, would actually allow Iran to move closer toward attaining a nuclear weapon and would make a military confrontation with Iran more likely.

"We give up nothing by testing whether or not this problem can be solved peacefully," Obama said.

Update at 6:59 a.m. ET. A Good Deal:

Announcing the deal in Vienna, Federica Mogherini, the High Representative of the European Union for Foreign Affairs, said the deal meant Iran accepted that its nuclear program would remain "exclusively peaceful" and that it would "never seek to acquire a nuclear weapon."

"We delivered on what the world was hoping for: a shared commitment for peace," she said.

She added: "What we are announcing today is not only a deal; it's a good deal."

Update at 6:41 a.m. ET. Obama's Speech:

While the deal represents a breakthrough — one that leaves behind decades of animosity and years of tough negotiations and secret talks — this is far from over, because the agreement still has to be approved by various world capitals.

President Obama is scheduled to speak 7 a.m. in effort to try to begin selling the deal to the American people and a recalcitrant Republican Congress, which has two months to approve the deal.