Israel was created following Resolution 181 by the UN General Assembly, which ended the British Mandate and recommended 2 states. The GA can do a similar thing now, recognizing the Palestinian right to a state in the leftover area which is not under Israeli sovereignty, i.e., the 1947 borders. This will not be subject to a veto. The US can veto admission of the new state to the UN, but Obama may not be inclined to use this veto power. Be that as it may, Palestine will become internationally recognized with only few states reluctant to establish relations.
Donald Trump: Israeli settlement construction in West Bank should 'keep going' (Haaretz)
from the article: The Palestinians must not repeat their mistake of 1947