Egypt's military deposed the country's first democratically elected president Wednesday night after he failed to meet demands to share power with opponents who thronged the streets of Cairo, state-run media reported.

Troops moved into key positions around the capital and surrounded a demonstration by Morsy's supporters in a Cairo suburb as a 48-hour ultimatum from the generals expired. Citing an unnamed presidential source, the state-run newspaper Al-Ahram reported that "the General Command of the Armed Forces told President Morsy around 7 p.m. (1 p.m. ET) that he is no longer a president for the republic."

The state-run Middle East News Agency reported Wednesday night that leaders of the country's Muslim and Christian communities would join military leaders and opposition figures to lay out an agreement "to exit the current political crisis."