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As the deadline approaches, both sides are expressing their willingness to die and shed blood:

In a call to arms, the military put up a Facebook post titled “The Final Hours” and quoted its leader, Gen. Abdel Fattah al-Sisi, as saying that it would be an honor to die rather than subject the Egyptian people to threats or terror.

We swear to God to sacrifice with our blood for Egypt and its people against any terrorist, extremist or ignoramus,” the statement said. “Long live Egypt and its proud people.”

In a televised speech overnight, President Mohammed Morsi clung to control and said: “I am prepared to sacrifice my blood for the sake of the security and stability of this homeland.”

nbcnews

Leaders of the protesters are meeting with the military:

Egypt's army has been holding talks with government and protest leaders, as the deadline it set for a resolution to the mass demonstrations approaches.

snip

The army has control of the state TV building, ahead of the deadline at about 16:30 local time (14:30 GMT).

snip

Members of the Tamarod (Rebel) movement, which has mobilised millions of demonstrators onto the streets to demand Mr Morsi's resignation, were also part of the meeting.

So too were leading religious figures and opposition leader Mohammed ElBaradei. An opposition source told Reuters Mr ElBaradei would "urge the armed forces to intervene to stop the bloodshed".

bbc

By the end of the day, Morsi may be out of power.  

Update I:

With a potentially violent showdown looming between Egypt’s military and the Islamist backers of President Mohamed Morsi, the country’s top generals summoned civilian political leaders to an emergency meeting on Wednesday to discuss a new interim government while moving tanks toward the presidential palace and restricting Mr. Morsi’s travel — new signals of an impending military takeover. A top presidential adviser said a coup already was under way.

snip

By 6:30 p.m. military forces began moving around Cairo. Tanks and troops headed for the presidential palace — although it was unclear whether Mr. Morsi was inside — while other soldiers ringed the nearby square where tens of thousands of the president’s supporters were rallying.

Many of the Islamists had armed themselves with makeshift clubs, shields made of potcovers or metal scraps and plastic hard hats, and there were small scuffles with the better-armed soldiers. Some soldiers fired their weapons in the air. But the military forces held back

NY Times: Egypt’s Military Moves Tanks Near Palace; Morsi Aide Sees Coup

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