The Department of Defense described the package as "significant," and at a $1 billion it is much more expensive than most previous weapons allotments.
"This package will surge munitions, weapons and equipment forward to support Ukraine's ability to defend its frontlines, protect its cities and counter Russia's continued attacks," the Pentagon said in a statement.
The announcement comes following months of inaction and Republican stonewalling on the White House's efforts to get Congress to approve new funds for Ukraine.
Biden had first called on lawmakers in August to pass supplemental funding for Ukraine, but Republicans sought to use the situation to negotiate more money for border security and stricter immigration policies, all while fissures developed in the House GOP over support of Kyiv.
In February, the Senate passed its own version of the bill, which was met by staunch opposition in the House from far-right Republicans loyal to former President Donald Trump, who voiced opposition to the bill.
Under mounting pressure, House Speaker Mike Johnson, R-Ky., eventually brought the bill to the House floor, despite members of his own party calling for his ouster for doing so. With Democratic help, the bill passed last week.
Senate then passed its version of it Tuesday night, and Biden signed it into law Wednesday
During the signing ceremony, Biden remarked on the delays, stating, "For months, while MAGA Republicans were blocking aid, Ukraine has been running out of artillery shells and ammunition."
MAGA is the acronym for the far-right Make America Great Again nativist political movement, made popular by Trump.
Biden also said a new U.S. package of weaponry would be announced in the next few hours, calling it "literally an investment, not only in Ukraine's security but in Europe's security, in our our security."
"We're sending Ukraine equipment from our own stockpiles, and then we'll replenish those stockpiles with new products made by American companies here in America: Patriot missiles made in Arizona, Javelins made in Alabama, artillery shells made in Ohio, Pennsylvania and Texas," he said.
"In other words, we're helping Ukraine while at the same time investing in our own industrial base, strengthening our own national security and supporting jobs in nearly 40 states all across America."
The package announced Wednesday is the 56th for Ukraine from Pentagon inventories since August of 2021, and completed under the Presidential Drawdown Authority.
It includes air defense missiles, Bradley Infantry Fighting Vehicles, Mine Resistant Ambush Protected Vehicles, Javelin and AT-4 anti-armor systems, precision aerial munitions and a large variety of ammunition and rounds, including for the High Mobility Artillery Rocket Systems, which have proved effect in the theater.
"We are sending a powerful message today about the power of American leadership as we support Ukraine's fight against Russian aggression," Secretary of State Antony Blinken said in a statement.
"The United States will continue to work with the coalition of more than 50 countries we have assembled to provide critical support for Ukraine's forces."
President Volodymyr Zelensky of Ukraine on Wednesday thanked Biden, Congress and Americans for supporting its defense against Russia's invasion.
"The six-month path is now over," he said in his nightly address to the nation.
"I am grateful to President Biden, the U.S. Congress and all Americans who realize the need to take the wind out of Putin's sails, not to submit to him, as only then will there truly be fewer threats to freedom."
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