Biden made these remarks on Tuesday from the Rose Garden after an Israeli official on Tuesday told CNN that the country's security cabinet approved a ceasefire with Hezbollah in Lebanon.

The President heralded the development as "good news".

Biden said that the ceasefire deal between Israel and Lebanon will take effect starting at 4 a.m. local time on Wednesday.

Soon after Biden shared the news, Israeli airstrikes shook Beirut.

Earlier on Tuesday, Israeli Prime Minister Benjamin Netanyahu said he would recommend his cabinet adopt a US-brokered ceasefire agreement with Lebanon's Hezbollah, as Israeli warplanes struck across Lebanon, killing at least 24 people.

Netanyahu explained that there are three main reasons for the ceasefire, with the number one focusing on the Iranian threat.

Netanyahu previously said he would present the ceasefire to Cabinet ministers, setting the stage for an end to nearly 14 months of fighting.

The deal does not affect Israel's war against Hamas in Gaza, which shows no signs of easing up.

"I promised victory to you and we will achieve victory," Netanyahu said.

"We will complete destruction of Hamas, we will make sure that Gaza will no longer be a threat, and we will bring back the residents of the north to their homes. The war will not finish until we reach all of these goals, including until we bring all the residents of the north home."

On Tuesday, Netanyahu spoke with Biden "and thanked him for the involvement of the United States in obtaining the ceasefire agreement in Lebanon, and for the understanding that Israel will maintain freedom of action in its enforcement," Netanyahu's office said in a statement.

"The political-security cabinet approved this evening the United States' proposal for a ceasefire arrangement in Lebanon, by a majority of 10 ministers against one opponent. Israel appreciates the contribution of the United States in the process, and maintains its right to act against any threat to its security," the statement added.

"Under the deal reached today, effective at 4 a.m. tomorrow local time, the fighting across the Lebanese-Israeli border will end," Biden said during remarks from the White House.

"This is designed to be a permanent cessation of hostilities. What is left of Hezbollah and other terrorist organisations will not be allowed," he added.

The Lebanese Army will take over its own territory once again following a ceasefire deal reached between Israel and Lebanon, Biden said.

"Over the next 60 days, Israel will gradually withdraw its remaining forces and civilians -- civilians on both sides will soon be able to safely return to their communities and begin to rebuild their homes," he added.

President Biden on Tuesday announced a breakthrough ceasefire deal to end the violence in Lebanon -- but sought to reiterate that Israel "retains the right to self-defense" if Hezbollah "or anyone else" breaks the newly announced deal.

"Let me be clear if Hezbollah or anyone else breaks the deal and poses a direct threat to Israel, then Israel retains the right to self-defense, consistent with international law."

The ceasefire deal "heralds a new start for Lebanon" and helps the nation retain its sovereignty, Biden said.

He added that no US troops will be deployed to southern Lebanon.

Biden said that the people of Gaza also "deserve an end of the fighting and displacement" as Israeli strikes continue on that beleaguered territory.