"The determination of Egypt will be done by the people of Egypt," Daley said, in an exclusive interview for CBS' "Face the Nation." "The U.S., again, can stand by, we can support, we can support the basic human rights of the people of Egypt."
"President Obama has spoken with President Mubarak, expressed to him directly his concern about the issues on the street, the violence on the street, and has called for restraint by the government," Daley continued. "He has also called for restraint by the people who have been out on the street. But it's very fluid situation and so we're - the president is monitoring it very closely, and we hope that it works itself out for the people of Egypt."
Daley, a former Commerce Secretary and top executive at JPMorgan Chase, also spoke about the White House's once-contentious relationship with Wall Street - but said he did not think the president had previously too far in "demonizing" the business community.
"I don't think it's about demonizing Wall Street," Daley told CBS' Bob Schieffer. "Listen, there are serious difficulties in the nation and the President was very direct to the business community, to the political system, that we have to make changes, we have to do certain things."
He also pointed to abuses and excesses "over the years" in both Wall Street and the government - and praised Mr. Obama's efforts at reforming both.
"No question, there were lots of abuses over the years not only in business, but in government and the excesses that took place," he said. "The president was very direct. Some people take umbrage at the fact that they are scolded by a president. But when you consider the depth of the problems that this president faced, he was very blunt, very direct."
"He speaks bluntly in a positive way about the business community when they should be praised, and other institutions," Daley continued. "But when there is real reason for criticism this President won't shy from doing that."