U.S. President Barack Obama said on Thursday night that the Egyptian government must put forward "a credible, concrete and unequivocal path toward genuine democracy."

He made the call after Egyptian President Hosni Mubarak said in a televised speech hours earlier that he will hand over power to Vice President Omar Suleiman, but will not resign.

"They have not yet seized that opportunity," Obama said in a statement issued after he met his national security team at the White House.

He said that "The Egyptian people have been told that there was a transition of authority, but it is not yet clear that this transition is immediate, meaningful or sufficient."

Earlier on the day, Central Intelligence Agency head Leon Panetta told a congressional hearing that there was a "strong likelihood" that Mubarak would step down on Thursday night.

Prior to his visit to Michigan, Obama said "what is absolutely clear is that we are witnessing history unfold, it's a moment of transformation that's taking place because the people of Egypt are calling for change."

But Mubarak refused to bow down to the protestors' demand that he resign immediately, saying that "I will shoulder my responsibilities until the country witnesses the stable and peaceful transfer of power in September." He reiterated that "I cannot and will not accept to be dictated from outside, no matter who is the source."

As the mass anti-government protests which broke out on Jan. 25 unfolded in Egypt, the Obama administration called for an immediate transition in the first place, but later changed its tone by calling for an orderly transition. It never made a public call for Mubarak's immediate resignation.

"As we have said from the beginning of this unrest, the future of Egypt will be determined by the Egyptian people," Obama said in his statement. "But the United States has also been clear that we stand for a set of core principles."

He repeated his calls for respect of the universal rights of the Egyptian people and meeting of their aspirations, demonstration of "irreversible political change" and "a negotiated path to democracy."

He said that "To that end, we believe that the emergency law should be lifted. We believe that meaningful negotiations with the broad opposition and Egyptian civil society should address the key questions confronting Egypt's future: protecting the fundamental rights of all citizens; revising the constitution and other laws to demonstrate irreversible change; and jointly developing a clear roadmap to elections that are free and fair."

"We therefore urge the Egyptian government to move swiftly to explain the changes that have been made, and to spell out in clear and unambiguous language the step by step process that will lead to democracy and the representative government that the Egyptian people seek," Obama added.

He urged all parties in Egypt to show restraint and forsake violence.