He added that making sure Israel and Ukraine succeed is vital to America’s national security and he would be making an urgent budget request for billions of dollars to Congress on Friday.
The proposal includes money for Ukraine, Israel, Taiwan, humanitarian aid and border management.
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“It’s a smart investment that’s going to pay dividends for American security for generations,” he said.
This is only the second time Mr Biden has given such an address, the first time was to celebrate the passing of the debt-ceiling bill in June.
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He will be hoping that combining all these issues into one piece of legislation will create the necessary political support for congressional approval.
His speech comes the day after his high-stakes trip to Israel, where he showed solidarity with the country in its battle against Hamas and pushed for more humanitarian assistance to Palestinians in the Gaza Strip.
Mr Biden said Israel was not responsible for the blast, as Hamas officials had claimed, but said: “We can’t ignore the humanity of innocent Palestinians who only want to live in peace and have opportunity.”
He went on to make the case for US involvement to ordinary Americans, saying some are asking, “Why does it matter to America” that the US support the wars?
“I know these conflicts can seem far away,” he said.
But he went on to say America’s adversaries are watching how both conflicts play out and could stir up trouble elsewhere in the world depending on the outcome.
Ahead of his address, Mr Biden spoke with Ukrainian President Volodymyr Zelenskyy to stress that the US remained committed to backing Kyiv, the White House said.
A senior White House official said the president continued to develop his remarks on Thursday after working with close aides throughout the week, including on his flight home from Israel.
Russia launched a large drone attack on Kyiv overnight, with Volodymyr Zelenskyy warning the attack shows his capital needs better air defences.
Ukraine’s air defence units shot down 50 of 73 Russian drones launched, with no immediate reports of damage or injuries as a result of the attacks.
Russia has used more than 800 guided aerial bombs and around 460 attack drones in the past week.
Warning that Ukraine needs to improve its air defences, Ukrainian President Volodymyr Zelenskyy said: “An air alert has been sounded almost daily across Ukraine this week”.
“Ukraine is not a testing ground for weapons. Ukraine is a sovereign and independent state.
“But Russia still continues its efforts to kill our people, spread fear and panic, and weaken us.”
Russia did not comment on the attack.
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It comes as Russian media reported that Colonel General Gennady Anashkin, the commander of the country’s southern military district, had been removed from his role over allegedly providing misleading reports about his troops’ progress.
While Russian forces have advanced at the fastest rate in Ukraine since the start of the invasion, forces have been much slower around Siversk and the eastern region of Donetsk.
Russian forces have reportedly captured a British man while he was fighting for Ukraine.
In a widely circulated video posted on Sunday, the man says his name is James Scott Rhys Anderson, aged 22.
He says he is a former British Army soldier who signed up to fight for Ukraine’s International Legion after his job.
He is dressed in army fatigues and speaks with an English accent as he says to camera: “I was in the British Army before, from 2019 to 2023, 22 Signal Regiment.”
He tells the camera he was “just a private”, “a signalman” in “One Signal Brigade, 22 Signal Regiment, 252 Squadron”.
“When I left… got fired from my job, I applied on the International Legion webpage. I had just lost everything. I just lost my job,” he said.
“My dad was away in prison, I see it on the TV,” he added, shaking his head. “It was a stupid idea.”
In a second video, he is shown with his hands tied and at one point, with tape over his eyes.
He describes how he had travelled to Ukraine from Britain, saying: “I flew to Krakow, Poland, from London Luton. Bus from there to Medyka in Poland, on the Ukraine border.”
Russian state news agency Tass reported that a military source said a “UK mercenary” had been “taken prisoner in the Kursk area” of Russia.
The UK Foreign Office said it was “supporting the family of a British man following reports of his detention”.
The Ministry of Defence has declined to comment at this stage.
The body of an Israeli-Moldovan rabbi who went missing in the United Arab Emirates (UAE) has been found, Israel has said.
Zvi Kogan, the Chabad representative in the UAE,went missing on Thursday.
A statement from Prime Minister Benjamin Netanyahu‘s office on Sunday said the 28-year-old rabbi was murdered, calling it a “heinous antisemitic terror incident”.
“The state of Israel will act with all means to seek justice with the criminals responsible for his death,” it said.
The Emirati government gave no immediate acknowledgment that Mr Kogan had been found dead. Its interior ministry has described the rabbi as being “missing and out of contact”.
“Specialised authorities immediately began search and investigation operations upon receiving the report,” the interior ministry said.
Mr Kogan lived in the UAE with his wife Rivky, who is a US citizen. He ran a Kosher grocery store in Dubai, which has been the target of online protests by pro-Palestinian supporters.
The Chabad Lubavitch movement, a prominent and highly observant branch of Orthodox Judaism, said Mr Kogan was last seen in Dubai.
Israeli authorities reissued their recommendation against all non-essential travel to the UAE and said visitors currently there should minimise movement and remain in secure areas.
The rabbi’s disappearance comes as Iran has threatened to retaliate against Israel after the two countries traded fire in October.
While the Israeli statement on Mr Kogan did not mention Iran, Iranian intelligence services have previously carried out kidnappings in the UAE.
The UAE diplomatically recognised Israel in 2020. Since then, synagogues and businesses catering to kosher diners have been set up for the burgeoning Jewish community but the unrest in the Middle East has sparked deep anger in the country.