Sec. of State Hillary Clinton has announced a ceasefire between Israel and Gaza, ending over a week of violence that's killed more than 140 Palestinians and 5 Israelis.
"The US welcomes the agreement today for a ceasefire in Gaza - for it to hold the rocket attacks must end and a broader calm must return," said Clinton, speaking from Egypt, where she's been working with President Morsi. Her statement emphasized Egypt's role in brokering the ceasefire.
Obama also released a statement applauding the ceasefire agreement, reaffirming Israel's right to defend herself, and congratulating Egypt for their role in the process. He added that he would seek more US funding for Israel's Iron Dome defense system.
Update, 10:50am PST: The terms of the ceasefire have been published in full. It will begin at 9pm local time. Commentators in Gaza suggest that the outcome is a victory for Hamas, suggestion that their policy of aggression towards Israel works to gain them more influence in negotiations.