President Obama on Wednesday hailed the framework of an agreement hammered out with Iran on its nuclear ambitions, declaring it "a good deal," as he urged the Congress not to try to block efforts to finalize a full agreement in coming months.

"This framework would cut off every pathway that Iran could take to develop a nuclear weapon," the President said from the White House Rose Garden.

Mr. Obama fully acknowledged that this is only a blueprint - an "understanding" was how he referred to the agreement, and that more talks will be needed to figure out all the details.

"Many key details will be worked out over the next few months," the President told reporters, as he presented the outlines of the agreement.

This is the fact sheet handed out by the White House, that was titled, "Parameters for a Joint Comprehensive Plan of Action regarding the Islamic Republic of Iran’s Nuclear Program."

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Enrichment

• Iran has agreed to reduce by approximately two-thirds its installed centrifuges. Iran will

go from having about 19,000 installed today to 6,104 installed under the deal, with only

5,060 of these enriching uranium for 10 years. All 6,104 centrifuges will be IR-1s, Iran’s

first-generation centrifuge.

• Iran has agreed to not enrich uranium over 3.67 percent for at least 15 years.

• Iran has agreed to reduce its current stockpile of about 10,000 kg of low-enriched

uranium (LEU) to 300 kg of 3.67 percent LEU for 15 years.

• All excess centrifuges and enrichment infrastructure will be placed in IAEA monitored

storage and will be used only as replacements for operating centrifuges and equipment.

• Iran has agreed to not build any new facilities for the purpose of enriching uranium for 15

years.

• Iran’s breakout timeline – the time that it would take for Iran to acquire enough fissile

material for one weapon – is currently assessed to be 2 to 3 months. That timeline will be

extended to at least one year, for a duration of at least ten years, under this framework.

Iran will convert its facility at Fordow so that it is no longer used to enrich uranium

• Iran has agreed to not enrich uranium at its Fordow facility for at least 15 years.

• Iran has agreed to convert its Fordow facility so that it is used for peaceful purposes only

– into a nuclear, physics, technology, research center.

• Iran has agreed to not conduct research and development associated with uranium

enrichment at Fordow for 15 years.

• Iran will not have any fissile material at Fordow for 15 years.

• Almost two-thirds of Fordow’s centrifuges and infrastructure will be removed. The

remaining centrifuges will not enrich uranium. All centrifuges and related infrastructure

will be placed under IAEA monitoring.  Iran will only enrich uranium at the Natanz facility, with only 5,060 IR-1 first-generation centrifuges for ten years.

• Iran has agreed to only enrich uranium using its first generation (IR-1 models)

centrifuges at Natanz for ten years, removing its more advanced centrifuges.

• Iran will remove the 1,000 IR-2M centrifuges currently installed at Natanz and place

them in IAEA monitored storage for ten years.

• Iran will not use its IR-2, IR-4, IR-5, IR-6, or IR-8 models to produce enriched uranium

for at least ten years. Iran will engage in limited research and development with its

advanced centrifuges, according to a schedule and parameters which have been agreed to

by the P5+1.

• For ten years, enrichment and enrichment research and development will be limited to

ensure a breakout timeline of at least 1 year. Beyond 10 years, Iran will abide by its

enrichment and enrichment R&D plan submitted to the IAEA, and pursuant to the

JCPOA, under the Additional Protocol resulting in certain limitations on enrichment

capacity.

Inspections and Transparency

• The IAEA will have regular access to all of Iran’s nuclear facilities, including to Iran’s

enrichment facility at Natanz and its former enrichment facility at Fordow, and including

the use of the most up-to-date, modern monitoring technologies.

• Inspectors will have access to the supply chain that supports Iran’s nuclear program. The

new transparency and inspections mechanisms will closely monitor materials and/or

components to prevent diversion to a secret program.

• Inspectors will have access to uranium mines and continuous surveillance at uranium

mills, where Iran produces yellowcake, for 25 years.

• Inspectors will have continuous surveillance of Iran’s centrifuge rotors and bellows

production and storage facilities for 20 years. Iran’s centrifuge manufacturing base will

be frozen and under continuous surveillance.

• All centrifuges and enrichment infrastructure removed from Fordow and Natanz will be placed under continuous monitoring by the IAEA.

• A dedicated procurement channel for Iran’s nuclear program will be established to

monitor and approve, on a case by case basis, the supply, sale, or transfer to Iran of certain nuclear-related and dual use materials and technology – an additional

transparency measure.

• Iran has agreed to implement the Additional Protocol of the IAEA, providing the IAEA

much greater access and information regarding Iran’s nuclear program, including both

declared and undeclared facilities.

• Iran will be required to grant access to the IAEA to investigate suspicious sites or allegations of a covert enrichment facility, conversion facility, centrifuge production facility, or yellowcake production facility anywhere in the country.

• Iran has agreed to implement Modified Code 3.1 requiring early notification of construction of new facilities.

• Iran will implement an agreed set of measures to address the IAEA’s concerns regarding

the Possible Military Dimensions (PMD) of its program.

Reactors and Reprocessing

• Iran has agreed to redesign and rebuild a heavy water research reactor in Arak, based on a

design that is agreed to by the P5+1, which will not produce weapons grade plutonium,

and which will support peaceful nuclear research and radioisotope production.

• The original core of the reactor, which would have enabled the production of significant

quantities of weapons-grade plutonium, will be destroyed or removed from the country.

• Iran will ship all of its spent fuel from the reactor out of the country for the reactor’s

lifetime.

• Iran has committed indefinitely to not conduct reprocessing or reprocessing research and

development on spent nuclear fuel.

• Iran will not accumulate heavy water in excess of the needs of the modified Arak reactor,

and will sell any remaining heavy water on the international market for 15 years.

• Iran will not build any additional heavy water reactors for 15 years.

Sanctions

• Iran will receive sanctions relief, if it verifiably abides by its commitments.

• U.S. and E.U. nuclear-related sanctions will be suspended after the IAEA has verified

that Iran has taken all of its key nuclear-related steps. If at any time Iran fails to fulfill its

commitments, these sanctions will snap back into place.