To hold or carry someone or something firmly in one's arms; to embrace or cradle. Can also be used figuratively for holding onto problems or responsibilities.
母は赤ん坊を優しく抱きかかえて寝かせた。
The mother gently cradled the baby in her arms and put it to sleep.
彼はぬいぐるみを抱き抱えてベッドに入った。
He got into bed holding a stuffed animal in his arms.
会社は多くの負債を抱き抱えていると発表した。
The company announced that it is carrying a lot of debt.