The new proposal is "one that brings all the hostages home, ensures Israel's security, creates a better day after in Gaza without Hamas in power, and sets the stage for political settlement that provides a better future for Israelis and Palestinians alike," Biden said.
The proposal, which has three phases, has been relayed by Qatar to Hamas, he said.
The first phase would last six weeks, and includes "a full and complete cease-fire and withdrawal" of Israeli forces from all populated areas of Gaza, the release of a number of hostages, including women, the elderly, and the wounded in exchange for hundreds of Palestinian prisoners.
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