Egypt's military has suspended the Islamist-backed constitution and called early elections.

Anti-President Mohammed Morsi posters are viewed as as thousands of Egyptian protesters celebrate in Tahrir Square (Spencer Platt/Getty Images)

The military also announced that embattled President Mohammed Morsi will be replaced.

Cheers erupted among millions of protesters nationwide who were demanding Morsi's ouster.

The military earlier today moved to tighten its control of key institutions. It did so with the passing of a deadline it had set for Morsi to meet the demands of protesters calling for him to leave office. Just before the deadline arrived, Morsi vowed again not to step down. And he criticized the military for "taking only one side."

Soon after the deadline passed, a military helicopter circled over the anti-Morsi crowds in Cairo's central Tahrir square -- which had become a sea of furiously waving Egyptian flags. The crowd chanted for Morsi to "leave." After nightfall, fireworks went off, and green lasers flashed over the crowd.

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