Egypt ousts President Morsi, will swear in interim president Thursday

Egyptian opponents of President Mohamed Morsi are celebrating in the streets of Cairo after the country's military overthrew him.

Military leaders also dissolved the country's constitution. The military acted just hours after its two-day ultimatum to Morsi ended. Demonstrators crowded the streets before the military suspended the constitution and announced Morsi was no longer in power.

An interim president, Adli Mansour, will be sworn in Thursday. Mansour, 68, was called to take the position of acting president by the military after serving as the Chairman of the Supreme Constitutional Court of Egypt. He had only been in the position for a few days.

The instability that led to the ousting comes one year after Morsi was elected president in the country's first democratic election.

At this time, President Obama has taken a neutral stance on the issue, as he did in a 2011 military coup. State Department spokeswoman Jen Psaki said the U.S. was concerned about the situation, saying it was an extremely tense and fast-moving situation in Egypt."

Psaki reiterated that stance Tuesday.

We had said that he must do more to be truly responsive and representative to the justified concerns expressed by the Egyptian people and unfortunately that was not a part of what he talked about in his speech," Psaki said.