"WASHINGTON – President Barack Obama and Russian President Dmitry Medvedev agreed on Friday to reduce the arsenals of the world's two largest nuclear powers — the first major arms accord in a generation. Final agreement came in a phone call between the two and a flurry of announcements in Washington and Moscow. ""This landmark agreement advances the security of both nations, and reaffirms American and Russian leadership on behalf of nuclear security and global nonproliferation,"" a White House statement said. The new treaty — designed to replace the 1991 START accord which expired last December — would further shrink the massive stockpiles the United States and Russia amassed during the Cold War. It would limit both sides to 1,550 warheads — about 30 percent fewer than are currently allowed — and 700 deployed missiles and bombers."