President Obama stayed quiet throughout the latest crisis, finally issuing an anodyne call Wednesday night for “a democratic political order with participation from all sides and all political parties—secular and religious, civilian and military.”

Mr. Obama also requested a review of U.S. aid to Egypt, but cutting that off now would be a mistake. Unpopular as America is in Egypt, $1.3 billion in annual military aid buys access with the generals. U.S. support for Cairo is written into the Camp David peace accords with Israel. Washington can also do more to help Egypt gain access to markets, international loans and investment capital. The U.S. now has a second chance to use its leverage to shape a better outcome.

Egyptians would be lucky if their new ruling generals turn out to be in the mold of Chile’s Augusto Pinochet, who took power amid chaos but hired free-market reformers and midwifed a transition to democracy. If General Sisi merely tries to restore the old Mubarak order, he will eventually suffer Mr. Morsi’s fate.