if aid to egypt were seriously cut, the israel-egypt peace treaty would probably not survive for very long. the generous aid package that egypt (the second largest one given by the u.s., after israel) is basically a bribe for abiding by the camp david accord. relations with israel is not popular among the egyptian people. without the payoff (which largely goes to the egyptian military establishment), there's no incentive for egyptian leaders to stick with such an unpopular position among the egyptian people. the more democratic "new egypt" makes that even more true than it was in the mubarak era.
