Egypt is in crisis as a standoff between its President and the military is nearing a crucial deadline that may upend the country.
The deadline, according to Reuters, is 5 p.m. local time (11 a.m. EDT). The Morsi Timer says that the deadline is 10 p.m. local time (4 p.m. EDT).
On Tuesday Reuters reported, citing military sources, that the army had drafted a plan to suspend the constitution and dissolve the Islamist-dominated upper house of parliament if Islamist President Mohamed Morsi and his opponents fail to reach a power-sharing agreement by Wednesday.
On Tuesday Morsi rejected that ultimatum, defiantly claiming that no domestic or international forces would threaten his legitmacy as the elected head of state. "The price ... is my life," the Muslim Brotherhood leader said.
The opposition responded: "Morsi's tweet is pushing [the] country toward 'civil war,'" according to Bloomberg.
Egypt's army commander subsequently said that the army was willing to shed its blood to defend Egypt against “any terrorist, radical or fool.”
On Wednesday a spokesman for Morsi said that "It is better for a president ... to die standing like a tree rather than be condemned by history and future generations for throwing away the hopes of Egyptians for establishing a democratic life."
Yasmine Saleh of Reuters reports, citing security sources, that Egyptian troops with armored vehicles have secured the central Cairo studios of state television.
A report in Egypt's state-run Al-Ahram newspaper said it expected Mursi to either step down or be removed from office and that the army would set up a three-member presidential council to be chaired by the head of the Supreme Constitutional Court.
An opposition spokesman told the Associated Press opposition spokesman Mohamed ElBaradei, Egypt's top Muslim cleric, and the Coptic Pope were meeting with the army chief. However, the Muslim Brother reportedly refuses to meet with Egypt's army commanders.
Reuters notes that on Tuesday at least 16 people, mostly Morsi supporters, "were killed and about 200 wounded when gunmen opened fire on pro-[Morsi] demonstrators at Cairo University campus."
Many fear that there will be much more bloodshed if the deadline passes without a deal, although no one really knows what will happen if Morsi doesn't back down.
On February 11, 2011, then-President Hosni Mubarak stepped down and turned power over to the military after three weeks of protests in which hundreds of demonstrators were killed.
On June 17 Morsi won the country's first democratic elections with 51.7% of the vote.
Morsi subsequently ordered the retirement of the top Mubarak-era military leadership, unilaterally extended his presidential powers, and approved an Islamist-crafted constitution while the economy continued to sputter.
We'll be following the developments throughout the day.
SEE ALSO: From Tuesday: Morsi Remains Defiant Rejecting Egyptian Military's Ultimatum — Egypt On Edge