McCain suspends campaign, Obama plans to continue

McCain said it was time for both parties to come together to solve economic crisis.

NEW YORK (CNN) -- Republican presidential candidate Sen. John McCain announced Wednesday that he is suspending his campaign to return to Washington and focus on the "historic" crisis facing the U.S. economy.

Democratic rival Sen. Barack Obama said at a news conference later Wednesday that he and McCain had spoken by phone and had agreed to issue a joint statement about shared principles in the approach to resolving the economic crisis.

But he disagreed with McCain's call for postponing Friday's first presidential debate in Oxford, Mississippi.

"It's my belief that this is exactly the time when the American people need to hear from the person will be the next president," Obama said in Clearwater, Florida. "It is going to be part of the president's job to deal with more than one thing at once. It's more important than ever to present ourselves to the American people."

Regarding McCain's call to join him in Washington to help participate in the congressional debate over the Bush administration's proposed $700 billion Wall Street bailout, Obama said, "If I can be helpful, then I'm prepared to be anywhere, any time. ... [I] don't want to infuse Capitol Hill with presidential politics."