US President Barack Obama speaks about the situation in Egypt, from his rental vacation home in Chilmark, Martha's Vineyard, Massachusetts (AP)
AUBURN, N.Y. (AP) - President Barack Obama says cutting off aid to Egypt "may not reverse what the interim government does."
But he says the U.S. must be "very careful" about being seen as aiding and abetting actions that run contrary to the country's values.
Obama administration officials are weighing whether to cut off more than $1 billion in annual aid to Egypt after the military-backed interim government cracked down on supporters of ousted President Mohammed Morsi.
The president defended his decision to hold off in cutting aid, saying there was a period of time after Morsi was ousted where the U.S. needed to use diplomacy to encourage military to seek reconciliation. He says that was the right approach, even though the military "did not take that opportunity."
Presiodent Obama spoke on CNN's "New Day."