President Obama is scheduled to make a statement on the situation in Iraq at 11:50 AM ET this morning. You can watch in the live feed posted above and we'll post updates throughout.
8:52 AM PT: On MSNBC, Jim Miklaszewski saying that the military is waiting for orders from the president on whether on how to launch military strikes. But he also adds that they basically have no idea where they should attack, and don't really trust the Iraqi government to give them the right information. My $0.02: Launch air strikes in Iraq? What could possibly go wrong?
8:57 AM PT: It tells you something that most Republicans—and really, all of D.C.—view the situation in Iraq as a more urgent issue than the fact that emergency unemployment benefits for the long-term unemployed expired nearly six months ago and Congress still hasn't extended them.
8:59 AM PT: Here's the president: "I want to take some time to give you a quick update on the situation in Iraq."
9:00 AM PT: "Over the last few days, we've seen significant gains [...] by ISIL [...] this poses a danger to Iraq and its people, and given the nature of these terrorists it could eventually pose a threat [to the American public] as well."
9:01 AM PT: President Obama says Iraq "needs help" but "we will not be sending troops [...] but I've asked my team to prepare other options [...] will be reviewing those options in the coming days."
9:02 AM PT: President Obama says any military support from U.S. would only be offered if Iraq's government agrees to make political changes to form a more inclusive government.
9:05 AM PT: Question from reporter is whether Obama is "reluctant" to get back involved in Iraq. He starts out by saying the "terrorists" are dangerous and "we have enormous interests there." And then "But ultimately they [the Iraqis] are going to have to" be responsible for their fate. Sort of a on the one hand, but on the other hand answer.
9:08 AM PT: Suggests that by the end of the weekend, he should have a better idea of what Iraq's government is willing to do. On the question of oil: "So far at least we haven't seen major disruptions" and adds that if ISIL were to seize oil production/export "that would be a source of concern" and that discussions about oil will be "part of the consultations over the course of the week."
9:10 AM PT: "People should not anticipate that this is something that is going to happen overnight," Obama says, saying it will take "several days" to determine whether or not he will order any action.
9:13 AM PT: And with that the president has concluded his remarks.