Having sent the deal to the Congress for approval, Obama described it as the most consequential foreign-policy debate that the United States has had since the invasion of Iraq.
"After two years of negotiations, we have achieved a detailed arrangement that permanently prohibits Iran from obtaining a nuclear weapon. It cuts off all of Iran's pathways to a bomb. It contains the most comprehensive inspection and verification regime ever negotiated to monitor a nuclear program," he said as he took up the podium at the American University here.
Noting that from the very beginning his goal is not to allow Iran have nuclear weapons, Obama said he opted for the diplomatic option instead of war to achieve this.
"I have made clear my preference for a peaceful diplomatic resolution of the issue, not just because of the costs of war, but also because a negotiated agreement offered a more effective, verifiable and durable resolution," he said.
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"With the world now unified beside us, Iran's economy contracted severely, and remains about 20 per cent smaller today than it would have otherwise been. No doubt this hardship played a role in Iran's 2013 elections, when the Iranian people elected a new government, that promised to improve the economy through engagement to the world," he said.
A window had cracked open, the US President said.
"After a series of negotiations, Iran agreed with the international community to an interim deal, a deal that rolled back Iran's stockpile of near 20 per cent enriched uranium, and froze the progress of its program so that the P5+1 -- the US, China, Russia, the UK, Germany, France, and the European Union, could negotiate a comprehensive deal without the fear that Iran might be stalling for time," he said.