Everything you need to know:
Q: What just happened and why is this such a big deal?
A: Iran agreed to limit its nuclear program if the U.S. and other world powers ease brutal economic sanctions against the country. The 100-page deal caps off more than a decade of diplomatic wrangling aimed at keeping Iran from building a nuclear bomb.
The final agreement with Iran was negotiated by U.S., Britain, Germany, France, China and Russia.
Q: So what are the details?
A: Iran agreed to reduce the number of uranium-enriching centrifuges it has in stock, as well as its stockpile of enriched uranium. It will convert an enrichment site into a research center.
If the United Nations nuclear agency identifies a suspicious site, it can ask to inspect it. And if Iran refuses, an arbitration panel will decide whether Iran has to allow an inspection within 24 days.
In exchange, Iran stands to receive more than $100 billion in assets overseas that had been frozen. It also will see an end to a European oil embargo. If Iran reneges, sanctions will snap back into place.
Q: What did we give up?
A: Among the biggest concessions by the West is that Iran doesn't have to submit to international inspections anytime, anywhere. Access to the most sensitive sites isn't guaranteed and may be delayed. Iran doesn't have to entirely give up its stockpile of enriched uranium or its number of centrifuges.
Q: What does Israel say?
A: Israel isn't happy because the deal basically leaves Iran's nuclear infrastructure in place. Israeli Prime Minister Benjamin Netanyahu called it a "bad mistake of historic proportion." President Obama said that without a deal, the next U.S. and Israeli leaders would have consider military action to prevent Iran from building a bomb.
Q: What happens next?
A: Congress has 60 days to review the deal. A vote of disapproval by itself won't stop the agreement. But if Congress decides to impose new sanctions on Iran or prevent Obama from suspending existing ones, it would be hard to fulfill the U.S. side of the deal. To do that, Senate and House GOP leaders would have to find enough votes to override a presidential veto.