In New York, the U.N. Security Council is expected to meet later Saturday to review the cease-fire resolution.
The agreement follows non-stop negotiations between France and the U.S. who disagreed over the sequence of events leading up to a ceasefire between Israel and Hezbollah.
France favored an immediate cease-fire. The U.S. favored an agreement on a political framework and an international force before a cease-fire. There also were differences over whether Israeli troops would stay in Lebanon during a cease-fire.
This news comes as U.S. Secretary of State Condoleezza Rice is due to meet with President Bush later Saturday in Crawford, Texas.
Earlier Saturday, Assistant Secretary of State David Welch met with Lebanese officials in Beirut to discuss how to end the conflict.
Welch met with Lebanese Prime Minister Fuad Siniora and with parliament speaker Nabih Berri of the Shi'ite Amal movement, which has close ties to Syria.
Israel refuses to negotiate with Hezbollah and has said it will speak to Lebanese government officials.
Some information for this report was provided by AFP, AP and Reuters