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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."

McCain Calls for Debate Delay to Focus on Financial Crisis

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.

Turmoil in the financial industry and growing pessimism about the economy have altered the shape of the presidential race, giving Democratic nominee Barack Obama the first clear lead of the general-election campaign over Republican John McCain, according to the latest Washington Post-ABC News national poll.

Just 9 percent of those surveyed rated the economy as good or excellent, the first time that number has been in single digits since the days just before the 1992 election. Just 14 percent said the country is heading in the right direction, equaling the record low on that question in polls dating back to 1973.

More voters trust Obama to deal with the economy, and he currently has a big edge as the candidate who is more in tune with the economic problems Americans now face. He also has a double-digit advantage on handling the current problems on Wall Street, and as a result, there has been a rise in his overall support. The poll found that, among likely voters, Obama now leads McCain by 52 percent to 43 percent. Two weeks ago, in the days immediately following the Republican National Convention, the race was essentially even, with McCain at 49 percent and Obama at 47 percent.

As a point of comparison, neither of the last two Democratic nominees -- John F. Kerry in 2004 or Al Gore in 2000 -- recorded support above 50 percent in a pre-election poll by the Post and ABC News.

Last week's near-meltdown in the financial markets and the subsequent debate in Washington over a proposed government bailout of troubled financial institutions have made the economy even more important in the minds of voters. Fully 50 percent called the economy and jobs the single most important issue that will determine their vote, up from 37 percent two weeks ago. In contrast, just 9 percent cited the Iraq war as their most important issue, its lowest of the campaign.

But voters are cool toward the administration's initial efforts to deal with the current crisis. Forty-seven percent said they approve of the steps taken by the Treasury and the Federal Reserve to stabilize the financial markets, while 42 percent said they disapprove.

Anxiety about the economic situation is widespread. Just over half of the poll respondents -- 52 percent -- believe the economy has moved into a serious long-term decline. Eight in 10 are concerned about the overall direction of the economy, nearly three-quarters worry about the shocks to the stock market, and six in 10 are apprehensive about their own family finances.

Two weeks ago, McCain held a substantial advantage among white voters, including newfound strength with white women. In the face of bad economic news, the two candidates now run about evenly among white women, and Obama has narrowed the overall gap among white voters to five percentage points.

Much of the movement has come among college-educated whites. Whites without college degrees favor McCain by 17 points, while those with college degrees support Obama by 9 points. No Democrat has carried white, college-educated voters in presidential elections dating back to 1980, but they were a key part of Obama's coalition in the primaries.

The political climate is rapidly changing along with the twists and turns on Wall Street, and it remains unclear whether recent shifts in public opinion will fundamentally alter the highly competitive battle between McCain and Obama. About two in 10 voters are either undecided or remain "movable" and open to veering to another candidate. Nevertheless, the close relationship between voters' focus on the economy and their overall support for the Democratic nominee has boosted Obama.

Among white voters, economic anxiety translates into greater support for Obama. He is favored by 54 percent of whites who said they are concerned about the direction of the economy, but by just 10 percent of those who are less worried.

The survey also found that the strong initial public reaction to Alaska Gov. Sarah Palin, McCain's running mate, has cooled somewhat. Overall, her unfavorable rating has gone up by 10 points in the past two weeks, from 28 percent to 38 percent.

(CNN) -- Sen. Barack Obama on Monday blamed lobbyists, special interests and "an ethic of irresponsibility" in Washington for the financial crisis that has swept the country in recent weeks.

The senator from Illinois sided with congressional Democrats, who say a government bailout of the financial sector must include government oversight.

"We cannot give a blank check to Washington with no oversight and accountability, when no oversight and accountability is what got us into this mess in the first place," Obama said.

President Bush's top economic advisers this weekend presented a $700 billion plan to Congress to take control of "illiquid assets," including bad mortgages.

Bush urged Congress to pass the plan as is, but Democrats on the Hill already are circulating a counterproposal.

Sen. John McCain, Obama's Republican rival for the presidency, said Monday that the government's proposal puts too much power into the hands of Treasury Secretary Henry Paulson.

In a conference call Monday with reporters, McCain's top campaign officials refused to say how the senator from Arizona would vote on the plan because it is not yet clear what the final version will contain.

At a campaign event Monday in Green Bay, Wisconsin, Obama laid out the reforms he would pursue as president to avoid another economic crisis. Watch Obama talk about the crisis on Wall Street »

First, Obama said that he would reform "our special interest-driven politics." He said members of his administration would not be able to use their position as a steppingstone for lobbyist careers. Watch what Obama says about McCain's role in the situation »

Obama said he would make the government "open and transparent" and put any bill that ends up on his desk online for five days before he signs it.

Secondly, Obama said he would "eliminate the waste and the fraud and abuse in our government." He pointed to fixing the health care system and ending the war in Iraq as ways to cut costs.

Obama also said that he and his running mate, Sen. Joe Biden, would crack down on excessive spending from both parties and close loopholes for big corporations.

Obama said he would pursue "updated, common-sense regulations" in the financial market.

Earlier Monday, McCain told voters he was "greatly concerned" about the government's proposed rescue plan.

"Never before in the history of our nation has so much power and money been concentrated in the hands of one person," McCain said at a town hall meeting in Scranton, Pennsylvania.

The Republican candidate said that while he admires and respects Paulson, "this arrangement makes me deeply uncomfortable."

McCain said a high-level oversight board should be created to shepherd the government's proposed $700 billion bailout plan.

McCain criticized Obama for not putting up a plan to address the financial situation.

"At a time of crisis, when leadership is needed, Sen. Obama has simply not provided it," he said. Watch what McCain says about Obama's leadership »

Obama has said several times since the recent Wall Street crisis that, in meeting with top economists, he was encouraged to not roll out a specific plan for fear of overly politicizing the work of Congress on a government bailout of financial firms.

He has, however, offered ideas for the plan -- including limiting pay for executives of businesses that are bailed out by the government and making sure the effort includes a specific plan for the money to be repaid.

McCain on Monday proposed creating a bipartisan oversight board that would be able to "impose accountability and establish concrete criteria for who gets help and who doesn't."

The Republican presidential candidate said the board should be made up of "qualified citizens who have no agenda." He pointed to Warren Buffett, former Massachusetts Gov. Mitt Romney and New York Mayor Michael Bloomberg as potential board members.

Buffett, chairman and CEO of Berkshire Hathaway, supports Obama. Romney backs McCain, and Bloomberg is an independent.

McCain also called for "transparency and accountability" on Wall Street and urged Congress to act quickly.

The Bush administration's proposal to bail out the financial system is the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression.

The plan would allow the Treasury to buy up mortgage-related assets from American-based companies and foreign firms with a big exposure to these illiquid assets.

The aim is for the government to buy the securities at a discount, hold onto them and then sell them for a profit.

The government's rescue plan follows a week of roller-coaster activity in the financial markets. In the lead-up to Bush's proposal, the country saw the collapse of U.S. investment bank Lehman Brothers, a Bank of America buyout of Merrill Lynch and a government bailout of insurer American International Group Inc

  Washington Post Staff Writer
Saturday, September 20, 2008; Page A06

  Washington Post Staff Writers
Friday, September 19, 2008; Page A04