This will shock you. Obama is (well, was, since the administration is now backtracking the comment) absolutely right on this one. If fact, I didn't think he had it in him to make such a short, accurate analysis of the situation. But he is right, Egypt has a new government, and time will tell if they are an ally or not. Right now, we do not know for sure.
Pundits are trying to make this into a gaffe, but it wasn't. It was good, solid analysis. The President got this one right, and he shouldn't back down from his statement.
My only disagreement with the President on this one we should not be sending them money if we are not sure of their status. Actually, even if we were sure, I'd oppose sending them money, but that's a different thread.
Here is President Obama, making sense, and saying the right thing:
http://www.youtube.com/watch?v=hjOdD4cu9Q0