Bill's going to be a grandpa!

Chelsea Clinton announced she was pregnant with her first child during the No Ceilings: The Full Participation Project event in New York City today.

The 34-year-old praised her mother Hillary, who was by her side, while revealing the happy news.

"One more thing to say very quickly. Mark and I are very excited that we have our first child arriving later this year. I certainly feel all the better whether it's a girl or a boy that they'll grow up in a world with so many strong female leaders…"

"I just hope that I will be as good a mom to my child and hopefully children as mom was to me," she told the crowd as husband Marc Mezvinsky looked on proudly from the audience.

The pair were married in July 2010, and this will be the first child for both.