Just a few moments ago at 12:30PM EST, Hillary Clinton announced that Israel and Hamas have agreed to a cease-fire deal to begin at 9PM local time (2PM EST)

Israel and Hamas agreed on Wednesday to a ceasefire brokered by Egypt on the eighth day of intensive Israeli fire on the Gaza Strip and militant rocket attacks out of the enclave, Israeli, Palestinian and Egyptian sources said.

First word of the truce came from a Palestinian official who has knowledge of the negotiations in Cairo, where US Secretary of State Hillary Clinton was also pursuing peace efforts.

Asked whether a ceasefire deal had been reached, an Egyptian official in Cairo said: “Yes, and Egypt will announce it.”

Egyptian state TV had earlier said a news conference would be broadcast from President Mohamed Morsi’s palace shortly.

Israeli sources said Israel had agreed to a truce, but would not lift its blockade of the Palestinian territory, which is run by the Islamist Hamas movement.

According to Israel Channel 2

Egyptian President  Morsi  made the initial announcement:

“Egypt has made special efforts and managed many contacts in light of the recent escalation in Gaza. Held freight – negotiations with Hamas, Israel and others – led by the United States. They agreed to the cessation of fire, the return of peace and stop the bloodshed. ”

Secretary of State Hillary Clinton, said: 
“The United States welcomes the agreement to a ceasefire in reciprocally. The two nations to have an opportunity to live without fear, and they all need to work to achieve this goal. Now have need to focus on old ceasefire – Sustainable ensure the stability of the region and the hope of the Palestinian people. ”

Clinton concluded that “the outline formulated aims to improve the living conditions of the residents of the Gaza Strip and the security of Israeli citizens. Ultimately, we must continue to take steps that will advance us toward a comprehensive peace. Talked today with President Mursi and Prime Minister Netanyahu and I told them there is no substitute for a comprehensive peace and right. “

 BBC Reporter Jon Donnison tweeted a picture of the agreement, from which I provided the text  below:

Understanding Regarding Ceasefire in Gaza Strip

1. a. Israel shall stop all hostilities on the Gaza Strip land, sea and air including incursions and targeting of individuals.

b. All Palestinian factions shall stop all hostilities from the Gaza Strip against Israel, including rocket attacks, and attacks along the border

c. Opening the crossings and facilitating the movement of people and transfer of goods, and refraining from restricting residents free movement, and targeting residents in border areas and procedures of implementation shall be dealt with after 24 hours from the start of the ceasefire.

d. Other matters as maybe requested shall be addressed.

2. Implementation Mechanism:
a. Setting up of the zero hour for the Ceasefire Understanding to enter into effect.

b. Egypt shall receive assurances from each party that the party commit to what was agreed upon.

c. Each party shall commit itself not to perform any acts that would breach this understanding. In case of any observations, Egypt – as the sponsor of this understanding – shall be informed to follow up.In other words…Israel is back to where it was a few weeks ago. Hamas promises to be nice, but wont. In a few months Hamas will start firing again and Israel will be pressured to have restraint 

 Check back to this pages as it will be updated as more information is gathered/translated