The US should discontinue military aid to Egypt for various reasons. Firs of all, Egypt's crisis that is currently taking place in its country has nothing to do with us. Second, it will cost us a lot of money and we have nothing to gain from entering another country. Lastly, many countries around the world already hate us for getting involved in every world affair, so at least for now we should mind our own business and not get involved in another war.
With the rise in problems within the Egyptian government, and the US building other bases in the region recently, there is no longer any need to funnel American tax dollars to Egypt. We only do this in exchange for them letting us have a military base on their soil. We have plenty of military in the middle east now.
It's a bribe. After the camp David Accords, the deal was that Egypt would keep their military out of sinai and they would get paid. That is exactly why the US hasn't discontinued military aid. The only Middle Eastern country that can really threaten Israel at all is Egypt. This "aid" is part of the cease fire and is essentially a bribe. Not to mention, if the US discontinued aid, this opens an avenue for other countries (such as China and Russia) to build a new ally and take away an ally from the US. This would not be a smart move.