Sen. John Kerry (Creative Commons)

The Wall Street Journal reported: "Senate Foreign Relations Chairman  John Kerry (D., Mass.) called on Mr. Mubarak to work with military leaders to form an “interim caretaker government” to gear up for the elections.

Vermont Sen.  Patrick Leahy who chairs the subcommittee that determines foreign aid, threatened to withhold some of that money if Mr. Mubarak doesn’t move fast enough. The U.S. spends more than $1 billion in aid to Egypt each year."

“President Mubarak’s decision to stand down from future leadership of the government is welcome, but his continued role in Egypt’s transition is unrealistic,” Leahy said in a statement.

“It remains to be seen whether this is enough to satisfy the demands of the Egyptian people for change,” Kerry said in a statement. “We arrived at this point because millions of Egyptians spoke with one voice and exercised fundamental rights we Americans hold dear. They made it clear the future they want is one of greater democracy and greater economic opportunity. Now, that future belongs to them to shape. The Egyptian people are writing the next chapter of Egyptian history."

Mubarak announced Tuesday that he would not seek reelection in September after more than a week of protests in Egypt. Protesters, however, have said the announcement was not enough and have called for Mubarak to step down immediately.

Kerry had previously urged Mubarak to step aside in a New York Times op-ed article that ran this morning.

"President Hosni Mubarak must accept that the stability of his country hinges on his willingness to step aside gracefully to make way for a new political structure. One of the toughest jobs that a leader under siege can perform is to engineer a peaceful transition. But Egyptians have made clear they will settle for nothing less than greater democracy and more economic opportunities," Kerry wrote. 

According to the Wall Street Journal: "Both Democratic senators expressed solidarity with the Egyptian people – a move made easier by Mr. Mubarak’s decision to step aside – and said they hoped to see continued cooperation between the two countries." 

“The United States has much at stake in Egypt’s future and in our relationships with the people and the governments throughout the Muslim world,” Mr. Leahy said. “The welcome restraint and professionalism shown by the Egyptian Army so far is a testament to the long relationship between our two countries.”

“Much work remains to be done to turn this auspicious moment into lasting peace and prosperity,” said Kerry. “Egyptians must now prepare for elections and achieve a peaceful transition of power. The military must continue to show the restraint it has so admirably exercised these past days. And opposition leaders must come together to develop a process that will ensure that all of Egypt’s voices are heard."

President Obama said after Mubarak's announcement that the transition in Egypt must begin immediately.