President Obama spoke from the Oval Office this morning about what he termed an "emergency situation" unfolding in Iraq, as Islamic militants advance toward Baghdad. He vowed that the United States will take "short-term, immediate actions" and said military leaders are looking at all options.

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He said he doesn't "rule out anything" when it comes to helping the Iraqi people, adding that the U.S. must make sure al Qaeda-inspired militants don't gain a foothold in Iraq or Syria.

Speaking alongside Australian Prime Minister Tony Abbott, he did not specify what actions would be taken, but said the military will act when American national security interests are under threat.

Obama said this must serve as a "wake-up call" to the Iraqi government to work on a long-term political solution among Sunnis, Shia and Kurds. He also pointed back to his recent West Point speech, saying this situation highlights the need for a "robust regional approach" to combating extremists with partner countries in the Middle East and North Africa.

"We're not going to be able to be everywhere all the time," he said, adding that the U.S. must start on a "long and laborious process" to finance and train Iraqis and forces in other countries to defend against jihadists.

He expressed that American troops cannot be sent to play "whack-a-mole wherever there ends up being a problem."

Watch his remarks above, and stay tuned to Fox News for the latest developments and analysis on the situation in Iraq.

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