From AP, via the Washington Post:
North Korea agreed to stop building nuclear weapons and to allow international inspections. In exchange, the country will get energy aid, economic cooperation and security assurances.
The deal announced Monday comes after two years of talks between North Korea, the United States and four other nations. Bush said it is "a formula that we all hope works."
See also "DPRK agree to abandon nuclear programs" from Xinhua and "News Analysis: Do all countries have the right to develop atomic energy?" from the International Herald Tribune. The text of the statement from the participants in the six-party talks is here. More on this topic, via Google News.