U.S. may use aid money as leverage in Egypt

President Obama waiting to see what's next in... 01:35

(CBS News) Aid to Egypt may potentially be used as leverage to pressure Egypt's interim government, backed by the nation's powerful military, to maintain security and bring fresh elections to restore democracy to the country, Obama administration officials tell CBS News.

U.S.-Egypt relationship uncertain after Morsi's ouster
McCain in Afghanistan for 4th of July, urges Egypt military to make "rapid transition back to democracy"

The White House is now engaging in a high stakes, high-wire balancing act, CBS News' Jan Crawford reported on "CBS This Morning."

"On the one hand, they don't want to be seen as endorsing what appears to be a military coup, but on the other hand, they don't want to be seen as supporting this ousted Muslim Brotherhood-backed leader who had lost popular support," explained Crawford.

For more with Jan Crawford, watch her full report above.

The bottom line now, Crawford said, is security in Egypt and a quick timeline set for the elections -- and that was on President Obama's agenda on Wednesday.

Mr. Obama met with members of his top military team, top administration officials, Secretary of State John Kerry, Defense Secretary Chuck Hagel, as well as made calls to Egyptian officials and U.S. partners in the region, trying to encourage a quick timeline for the next elections.

For a look at the situation in Egypt, watch Clarissa Ward's report from Cairo below.