The escalation of Hamas' rocket attacks on Israel subsequent to Obama's re-election is the way Hamas cashes in Obama's promissory notes to the Muslim world. Four years of tolerance of radical Islam in deed, reluctance to intervene forcefully, if not with force, in Iran and Syria when reformers took to the streets and reform became rebellion, and open-handed outreach toward the enemies of Israel by our President has convinced radical Islam that Obama will not support Israel in any meaningful way if they attack the Jewish state.
And don't accept as the truth the media interpretation that Hamas' attacks now are the result solely of the Israel-Hamas/Gaza struggle or a Hamas gambit to obtain political advantage over the PLA. Hamas is supported by Iran. Iran wants to support the Syrian regime. What better way than to distract attention from Syria by prodding Hamas to start a military conflict with Israel. If Israel enters Gaza, watch for rockets from Hezbollah in southern Lebanon and stray cannon shells from Syria forces into the Golan Heights. (And let's not forget that the world would be also distracted from the Iranian nuclear weapon issue.)
What will Egypt, which has a peace treaty with Israel, do? That's not the question. The question is, what will the Muslim Brotherhood leadership of Egypt do, as it has supported Hamas and Hamas is an offshoot of the Muslim Brotherhood. Egypt surely doesn't want a military conflict with Israel; but it could get away with some limited engagements without risking its own sovereignty or the Brotherhood risking their political control. Despite the foreign aid from the US and the US military aid to the Egyptian military, which might be temporarily suspended, Egypt knows that Obama will not do anything to alienate one of the world's largest Muslim nations.
The Muslims have Obama in box. He created this situation. He walked into the Middle Eastern Arab tent and handed them his balls. Now they are squeezing. It would amusing, if it would not be possibly fateful for Israel and Jews, to know how long before Obama starts singing soprano.