US economy crisis, McCain Calls for Debate Delay to Focus on Financial Crisis

McCain Calls for Debate Delay to Focus on Financial Crisis

Democrat Barack Obama argues that Friday debate with McCain should go forward. (Video: AP)

Updated 5:33 p.m.
By Michael D. Shear and Robert Barnes
NEW YORK -- The financial crisis on Wall Street overwhelmed the 2008 presidential race today, as Republican presidential nominee John McCain this afternoon said he would suspend his presidential campaign tomorrow to return to Washington to work on the proposed $700 billion bailout plan. Democratic rival Barack Obama declined to follow suit, saying he would return only if congressional leaders requested his presence and said there was no reason to suspend the campaign or delay Friday night's presidential debate.

A president, Obama said, "is going to have to deal with more than one thing at a time."

The dramatic events on the campaign trail began after Obama called McCain early this morning to seek a joint statement on on their goals for the bailout measure now being negotiated between Congress and the Bush administration. But before that statement was issued, McCain went before television cameras to say he was putting the campaign on hold and wanted to delay Friday night's presidential debate on foreign policy. Among other things, McCain senior adviser Steve Schmidt said McCain would begin unilaterally pulling down his campaign ads and cease fundraising.

"It has become clear that no consensus has developed to support the Administration's proposal,'' McCain said in a brief statement to reporters. "I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.''

McCain said he is calling on President Bush "to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem."

President Bush said he welcomed the gesture. "We are making progress in negotiations on the financial markets rescue legislation, but we have not finished it yet,'' said press secretary Dana Perino. "Bipartisan support from Sens. McCain and Obama would be helpful in driving to a conclusion.''

But Democrats blasted McCain's action as a political stunt, delivered as the economy has surged to the forefront of voters' concerns, and to Obama's advantage.

Rep. Barney Frank (D-Mass.) said McCain's move was "the longest 'Hail Mary' in the history of either football or Marys.'' The chairman of the House Financial Services Committee, which was holding a hearing on the bailout, added "I'm not particularly focused on Senator McCain. I guess if I wanted expertise there [from the GOP ticket], I'd ask Sarah Palin."

Democratic Senate Majority Leader Harry Reid of Nevada had a similar reaction. "It would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation's economy," Reid said. "If that changes, we will call upon them. We need leadership; not a campaign photo op."

He added: "If there were ever a time for both candidates to hold a debate before the American people about this serious challenge, it is now."

McCain's surprise announcement caught the Obama campaign off-guard -- officials were still waiting for McCain to return a call Obama had placed this morning seeking a joint statement on the bailout plan.

"At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal," Obama spokesman Bill Burton said in a statement. "At 2:30 this afternoon, Senator McCain returned Senator Obama's call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details."

The McCain version: "Sen. Obama phoned Sen. McCain at 8:30 am this morning but did not reach him. The topic of Sen. Obama's call to Sen. McCain was never discussed. Sen. McCain was meeting with economic advisers and talking to leaders in Congress throughout the day prior to calling Sen. Obama. At 2:30 pm, Sen. McCain phoned Sen. Obama and expressed deep concern that the plan on the table would not pass as it currently stands. He asked Sen. Obama to join him in returning to Washington to lead a bipartisan effort to solve this problem.

Unlike his Democratic supporters, Obama declined to say McCain was playing politics. He said he wanted to go forward with the debate. "That's what I'm preparing to do. My general view is that the American people need to know what we intend to do."

He added: "Senator McCain is running his campaign, I'm running mine," though he noted the "the fierce competition of this election and the enormous stakes involved."

Obama campaign spokesman Robert Gibbs was more direct. The scene at the debate site in Oxford, Miss. Friday night, he said, would consist of "a stage, an audience, a moderator, and at least one presidential candidate."

McCain aides acknowledged that McCain called Bush before he returned Obama's call, but they denied playing politics.

"You didn't hear a hint of a partisan attack or posturing in that statement," said McCain senior adviser Mark Salter. "He really wants he and Senator Obama, leadership, throw in the chairmen, the administration, lock themselves in a room for the next 100 hours or however long it is between now and Monday morning and achieve some kind of consensus on something that will have the Congress's support."

Shailagh Murray, reporting from Clearwater, Fla., and Paul Kane, Anne E. Kornblut and Dan Balz in Washington, D.C., contributed to this report.