Update: Speaking on the South Lawn on Friday, President Obama announced that the U.S. would provide additional assistance to Iraqi security forces as ISIS militants gain ground in the country. That assistance, the nature of which is still being reviewed by the president, will not include boots on the ground. "We will not be sending US troops back into combat," Obama said. The president said that it might take "several days" for the U.S. to take action in Iraq. 

Speaking of the Iraqi security force's loss of control of multiple cities north of Baghdad, Obama said that the escalating situation there "poses a danger to Iraq...and eventually to American interests as well." Obama noted that "over the past year we've been steadily ramping up our security assistance to Iraq" in order to help the country combat militants. Obama added that "Iraq's leaders have to demonstrate a willingness to make hard decisions and compromises" to fight the militant groups in their country going forward. 

Original Post: President Obama will address the situation in Iraq in a statement on the White House's South Lawn at 11:50 a.m. Watch live here: 

ISIS militants have seized the Iraqi cities of Mosul and Tikrit, and are gaining ground against Iraq's own security forces. On Thursday, Obama said he would provide assistance to Iraq's security efforts, but without boots on the ground.