What would follow from a military coup wouldn't be pleasant for the Egyptian people, but neither would the imposition of an Islamic regime.
There's also the hard reality that Egypt can't feed itself; it is the world's largest importer of grain, much of which it pays for with aid from the United States. That's leverage. So too is the fact that the Egyptian army no longer is in a position to threaten our closest ally in the region, Israel, because we equip Cairo's forces, and they couldn't fight a war without being resupplied.
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