Egyptian President Transfers Power To VP

Egyptian President Hosni Mubarak just announced a transfer of power to Vice President Omar Suleiman and that he won't run for presidency again. He also addressed those speaking out against him, saying he believed in the honesty of their demands and intentions. He spoke of those who died in the chaos, vowing they did not die in vain and that he felt the pain of those who lost family members.

Crowds in Cairo expanded in a city square, eagerly awaiting the expected announcement of President Mubarak's resignation. The square has been the center of anti-government protests for weeks as thousands of Egyptians went on strike, demanding better job security and pay. People in the square were chanting, "we're almost there!"

President Barack Obama announced the world is "witnessing history unfold" in downtown Cairo. He said the U.S. stands ready "to support an orderly and genuine transition to democracy."