US President Joe Biden's son Hunter has pleaded guilty to two counts of failing to pay federal income taxes and to illegally possessing a gun, prosecutors said Tuesday.

Hunter Biden, whose business dealings have been under fire from Republican lawmakers for years, admitted to owning a gun despite being a drug user.

The plea agreement between the 53-year-old man and prosecutors in his home state of Delaware still needs to be approved by a federal judge.

The chances of the president's son receiving a prison sentence are slim.