In his remarks, Mr Biden acknowledged that some Israelis – including officials within Israel’s government – would likely be opposed to the proposal.
“I’ve urged the leadership in Israel to stand behind this deal,” he said. “Regardless of whatever [political] pressure comes.
The US president also directly addressed the Israeli people, telling them that “we can’t lose this moment”.
Notably, Mr Biden said that Hamas has now been degraded to the extent that it can no longer repeat an attack such as that which its fighters conducted on 7 October – a likely signal to the Israelis that Washington sees the war as done.
In a statement, Prime Minister Netanyahu insisted that the war would not end until its objectives were achieved, including the return of all hostages and the elimination of Hamas’ military and governing capabilities. He said the latest plan would allow Israel to uphold these principles.
Hamas, for its part, said that it views the proposal “positively” because of its call for a permanent ceasefire, the withdrawal of Israeli forces from Gaza, reconstruction and the exchange of prisoners.
The group said it was ready to “deal positively and constructively” to any proposal centred on a permanent ceasefire, provided that Israel “declares its explicit commitment to that”.
Another Palestinian official familiar with the negotiations who has seen the new Israeli proposal said that the document did not include a guarantee that the war will end, nor that IDF troops would withdraw from Gaza completely.
The proposal has been transmitted to Hamas through mediators based in Qatar.
Faced with mounting civilian casualties in Gaza, President Biden has faced growing domestic criticism over the level of US support for Israel, and calls to do more to encourage the warring sides to negotiate.
Earlier this week, however, the White House said that it does not believe that Israeli operations in Rafah amount to a “major ground operation” that could cross a red line and trigger a possible change in US policy.
The statement came after an Israeli air strike and resulting fire killed at least 45 Palestinians on Sunday.
In a separate announcement on Friday, US lawmakers from both sides of the political spectrum formally invited Mr Netanyahu to address Congress in Washington.
It is unclear when the address would take place.
More than 36,000 have been killed across Gaza since the start of the conflict, according to the Hamas-run health ministry.
The war began in October when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages.
