UPDATE: Sunday, 935am
After back and forth negotiations it appears that both sides are in agreement to stop hostilities through the end of the religious holiday
Update (6:18) EST: Israel's Cabinet votes to extend the cease fire for 24 hours or until midnight Sunday Eastern Time. The military vows to respond to any attacks from Hamas during this time.
Update (2:33 EST): The AP is reporting that Hamas officials have rejected Israeli official's proposal for an extended cease fire.