The hard truth is that the United States has no real influence to lose right now anyway, and immediate impact isn’t the point. Taking a (much belated) stand is the only way for the United States to regain any credibility — with Cairo, with the region, and with its own tattered democratic rhetoric. …
At a minimum, Washington hoped that its role would help to restrain the new Egyptian government from actions which would cause major bloodshed or efforts to eradicate the Muslim Brotherhood. Clearly, with corpses now piling up in Cairo’s streets, this half-hearted presence has failed, horribly.

U.S. policy towards Egypt over the last two and a half years tried to quietly support a transition to democracy. This was the correct strategic vision. It’s difficult to see any way to return to that path at this point, though. The bloody assault on the protester camps — after repeated American opposition to such a move — leaves President Obama little choice but to step away from the Egyptian regime. Washington should, and probably will, call for a return to an elected civilian government, a rapid end to the state of emergency, and restraint in the use of force. When that doesn’t happen, it needs to suspend aid and relations until Cairo begins to take it seriously.