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LIVE: Obama speaks on Iraq crisis

President Obama will deliver a statement at 12:30 p.m. Thursday on the situation in Iraq following a meeting with his national security team at the White House.

The president's speech comes as Iraq's capital city is bracing for an attack from the Islamic State in Iraq and Syria, a Sunni extremist group that has captured cities and military facilities across the country.

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Hundreds of thousands of refugees have fled their homes, and extremist militants are battling government forces for control over a major oil refinery.