The deal would need approval from House of Representatives and Senate committees and includes munitions for fighter jets and attack helicopters as well as artillery shells. The package also includes small-diameter bombs and warheads, according to the sources.
Some of the munitions deliveries could be furnished through current U.S. stock, while the majority would take up to several years to deliver, the source said.
The State Department did not respond to a request for comment.
The Biden administration says it is helping its ally defend against Iran-backed militant groups like Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen.
The Gaza health ministry puts the death toll at over 45,000 people, with many additional feared buried under rubble.
Washington, Israel’s biggest ally and weapons supplier, has also previously vetoed U.N. Security Council resolutions on a ceasefire in Gaza.
Democrat Biden is due to leave office on Jan. 20, when Republican President-elect Donald Trump will succeed him. Both are strong backers of Israel.
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