*President Barack Obama is scheduled to speak on Hosni Mubarak’s exit at 1:30 p.m. EST.

NBC’s Chief White House correspondent Chuck Todd is reporting that the president was informed of the announcement during a meeting in the Oval Office. He reportedly left the meeting and watched the events unfold on television.

Obama will speak just before the last daily briefing of his outgoing press secretary Robert Gibbs.

As previously reported, President Omar Suleiman announced on state television moments ago that President Hosni Mubarak has decided to stand down as president of Egypt, and that the Supreme Council of the Armed Forces will “run the affairs of the country.” [Watch clip below.]

Tens of thousands of anti-government protesters exploded in cheers on the streets of Cairo after the announcement and continues at press time.

Persian Gulf government leaders said that Mubarak has left the country and has gone to the Red Sea resort town of Sharm el-Sheikh.