PAULA ZAHN, CNN ANCHOR: There was also a surprise announcement from President Bush just about 45 minutes ago. The first way of a breakthrough on nuclear arms talks with the Russians. Let's get the very latest now from Kathleen Koch, who is standing by at the White House. Boy, did anybody see this one coming, Kathleen? Good morning.</s>KATHLEEN KOCH, CNN CORRESPONDENT: Good morning, Paula. Well, we knew that this was in the works, but the fact that it came this morning was a total surprise. President Bush was on his way to Chicago for a speech on welfare reform and for yet another GOP fund-raiser. And that was when he bowled us all over by saying this agreement had been reached. It will drastically slash the nuclear arsenals both in the United States and in Russia. And President Bush said that the treaty will, quote, "liquidate the legacy of the Cold War."</s>GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: This treaty will liquidate the legacy of the Cold War. When I sign the treaty with President Putin in Russia, we will begin the new era of U.S.-Russian relationships, and that's important. The new era will be a period of enhanced mutual security, economic security and improved relations.</s>KOCH: Now under the new treaty the number of warheads in both countries' arsenals would drop to between 1,700 and 2,200 from the current level of 6,000 that's allowed under the START I treaty. President Bush, though the schedule isn't completely finalized, is heading to Russia later on in the month between May 23 and 26. He is expected to sign the treaty around May 24. And, of course, this would have to be ratified by the U.S. Senate before it went into effect. Now President Bush this morning said that this was the culmination of a lot of months of hard work and a relationship built on mutual trust that he had been able to establish with President Putin -- back to you, Paula.</s>ZAHN: All right -- Kathleen Koch, thank you for the update.
Bush Announces Major Reduction in Nuclear Arsenal