HIGHLIGHTS: Some Weapons Will Be Dismantled, Others Will Be in Storage||Details Worked Out in Moscow Recently||Treaty to Be Signed May, 24||STORY: President Bush on Monday announced an agreement with Russia on a treaty to sharply cut the two countries' nuclear arsenals to 1,700-2,200 from current levels of about 6,000 to 7,000. "This treaty will liquidate the legacy of the Cold War," Bush told reporters just before he left the White House on a day trip to Chicago. (Read photo caption)

White House spokesman Ari Fleischer said the arsenal would be reduced through putting some weapons in storage and dismantling others.

Undersecretary of State John Bolton and Russian Deputy Foreign Minister Georgy Mamedov worked in Moscow in recent days on the agreement.

Bush said he would sign the treaty May 24 in Russia when he meets with Russian President Vladimir Putin. The treaty would have to be ratified by the Senate.

Bush and Putin agreed to those levels last fall and negotiators have been trying to work out a formal document codifying them in time for the May 23-26 summit.

"This is good news for the American people today," the president said. "It will make the world more peaceful and put behind us the Cold War once and for all."

An administration official said that in reaching terms for an agreement, Russia said it would allow the United States to store some of its nuclear weapons while others would be destroyed. The issue had been a sticking point in the talks.

PHOTO CAPTION

President George W. Bush announces an agreement with Russia on nuclear arms reduction before departing on Marine One on the South Lawn of the White House, May 13, 2002. Bush announced the agreement to sharply cut the two countries' nuclear arsenals to 1,700-2,200 from current levels of about 6,000 to 7,000. (Larry Downing/Reuters)