Updated 12:25 p.m.
White House Press Secretary Robert Gibbs told reporters traveling with the president en route to Marquette, Mich., "We're watching a very fluid situation" on the ground in Egypt.
Conflicting reports Thursday morning said that Egyptian President Honsi Mubarak would announce later today that he is stepping down; that he is not stepping down; that the Egyptian military would assume control of the state; and that recently appointed Vice President Omar Suleiman would assume formal control.
"I received reports that possibly Mubarak might do that," CIA Director Leon Panetta said of reports of Mubarak's imminent departure. "We are continuing to monitor the situation. We have not gotten specific word that he will in fact do that."
Asked about the reports, Obama told a journalist traveling with him in Michigan, "We're going to have to wait and see what's going on."
For updates, see also from National Journal: "Live Blog: Mubarak to Step Down Tonight, Reports Say."