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It is within the President's power to use executive authority to halt the military financing to Israel.
(While this could maybebe overruled by congress, it would be a huge blow to Israel in the interim)
So in May the (majority Republican) House passed H.R.8369 - Israel Security Assistance Support Act:
This bill attempts to force the completion of arms sales to Israel. This basically amounts to the legislative branch meddling directly with how the executive branch conducts foreign policy and defense policy, which the White House objected to (completely correctly). Biden threatened to veto the act if it were sent to him. The bill was placed on the Senate's legislative calendar on May 21, 2024, and has not been voted on. It will probably not go anywhere at this point.
The executive branch has already been actively delaying some military equipment transfers to Israel, that's why the House pushed this act.
So if the Dems wanted to repeal this bill, they would need to control the house, correct?
Nah, the bill was never passed in the senate so it isn't law at all. Just unenforceable posturing.