The BBC's Jon Leyne says opposition leaders saw the president's speech as "positively inflammatory"
Mr Morsi, under fire for issuing a decree that gives him sweeping new powers, had invited all major political factions to a meeting on Saturday.But the opposition said the president had offered little in terms of concessions, criticising his refusal to delay a constitutional referendum.
The announcement comes as Egypt is braced for another day of protests.
Opposition demonstrators gathered in Cairo's Tahrir Square, with some heading towards the presidential palace.
Meanwhile thousands of supporters of President Morsi marched during the funerals of two men killed in clashes on Wednesday
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