The ceasefire deal will be implemented in three phases over several weeks.

Biden, who described the talks as "one of the toughest negotiations" he has ever experienced, said the agreement's first phase will take more than six weeks as Hamas releases hostages, including women, the elderly and the wounded.

Just before Biden left the room of reporters, he was asked whether he or Trump should get credit for the deal.

"Is that a joke?" Biden asked, turning to leave.

Biden was also asked how much credit Trump's incoming administration should get for securing the deal. He noted that the current agreement's framework is from his proposal months ago and that it was his administration's support for Israel that helped "badly weaken Hamas."

"I knew this deal would have to be implemented by the next team, so I told my team to coordinate closely with the incoming team to make sure we’re all speaking with the same voice," Biden said. "Because that’s what American presidents do."

Jeremy Bash, Former chief of staff at the CIA and the Pentagon, explains why he believes separating hostages and releasing them at two different times as outlined in the ceasefire deal is not ideal.

Though Netanyahu's office has warned that Israel's government has yet to finalize the deal, the military has gone ahead with a public name for the return of hostages.

"Wings of Freedom is the name given to the IDF’s preparations for the return of the hostages," the Israel Defense Forces said on X.

News of a deal to end the war in Gaza is long overdue to the Israeli and Palestinian civilians who "have borne the brunt" of the violence, U.K. Prime Minister Keir Starmer said in a statement today.

Starmer urged citizens to pay tribute to those who were killed and captured by Hamas during the Oct. 7, 2023, terror attack, as well as the innocent Palestinians "whose homes turned into a war zone overnight."

"And then our attention must turn to how we secure a permanently better future for the Israeli and Palestinian people — grounded in a two-state solution that will guarantee security and stability for Israel, alongside a sovereign and viable Palestine state," Starmer said.

Adi Alexander, the father of Edan Alexander, one of the hostages held by Hamas, tells NBC News' Lester Holt that news of the deal is "unbelievable" and "a long time coming."

In southern Gaza “everyone is in total hysteria,” Abdallah Abujaser, 22, told NBC News after the deal was announced.

He added that he hoped to return to northern Gaza with his mother and three sisters and reunite with the rest of his family.

"I’m looking forward to returning to Gaza City and Jabalia camp,” said Abujaser, who was displaced from his home due to the fighting.

But after 15 months of grueling war, he added, “Due to the many conflicting feelings I do not know what my feelings are.”

The deal will take effect on Sunday, Qatar’s Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said in a news conference in his country’s capital, Doha.

“Phase one of the agreement will go on for 42 days and it will include a ceasefire and the withdrawal of Israeli forces to the east away from populated areas,” he said. “Israeli forces will then be positioned along the Gaza border, which will allow for the swap or prisoners, as well as the return of the remains and the return of the displaced people to their residences.” 

“Hamas will be releasing 33 hostages including women and female recruits, as well children, elderly people and ill people and wounded in return for a number of prisoners who are being held in Israeli prisons,” he added.

Humanitarian aid will also return “to all parts of the Gaza Strip as well as the rehabilitation of hospitals, health centers and allowing the entry of fuel and civil defense equipment, as well as basic necessities for people who lost their houses as a result of the war,” he said.

The families of the seven Americans who remain in Gaza are "deeply grateful" at news of that their loved ones may be released and returned home soon.

In a statement, the families warned that the coming days may be just as painful as the last year as they learn the full extent of what occured during their family member's captivity.

"We have been waiting for 467 days while our family members suffer from life-threatening injuries, abuse, torture, and sexual violence," the statement said. "We thank President Biden, President-elect Trump, and their teams for their constructive efforts to make this possible."