Netanyahu is under pressure to keep his coalition government intact. Two far-right partners have threatened to bolt in protest at any deal they deem to spare Hamas. A centrist partner, ex-general Benny Gantz, wants the deal considered. Hamas has provisionally welcomed the Biden initiative.
Axios seems to have some more details in this article:
https://www.axios.com/2024/06/01/israel-gaza-hostage-ceasefire-deal-confirms-biden
Basically the deal is a temporary cease fire that would then allow negotiations for a full ceasefire after that. It’s a gamble, but the US seems to think that if they can get the conflict to a very low grade state, they can convince the Israeli’s not to go back in. In a vacuum this isn’t a terrible strategy, but there is broad public support for the war in Israel and the ruling coalition knows their days are numbered if there is no war. Even a temporary ceasefire is better than nothing though.
It’s not something the Palestinian public can accept. Give over ALL your leverage in exchange for a temporary deal that has no incentive to prevent a resumption of war, no quantifiable guarantees of aid or allowing people to return to their homes, or advance to Two State solution? To say nothing of the West Bank pogroms and Al Aqsa incursions that triggered the Oct 7 reprisal attack in the first place.
There’s a reason Hamas originally rejected the Israeli offer; it was insultingly bad and only benefited Israel. That’s why the original offer argued over “ceasefire” versus “sustainable calm,” whatever that means.