John McCain announced that he will suspend his presidential campaign on Thursday to return to Washington to help with Wall Street bailout negotiations. He urged his opponent Barack Obama to do the same.
The Arizona senator also asked the Presidential Debate Commission to postpone Friday’s scheduled debate with Obama so that he can work on the financial crisis bailout plan now on Capitol Hill. The first debate had been set for Friday at the University of Mississippi in Oxford.
“America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen,” McCain said in remarks to reporters from New York.
Obama said he spoke earlier in the day with McCain, who suggested that they suspend the debate.
“I thought this was something that he was mulling over. Apparently this was something he was more decisive about in his own mind,” Obama said in a press conference scheduled late Wednesday in Florida where he was preparing for the debate.
“I believe we should continue to have the debate,” he said.
Obama said the issue is nonpartisan and he would not allow the bailout plan to become welfare for Wall Street executives or an opportunity for political ploys.
“There are times for politics and there are times to rise above then do what is right for the country. This is one of those times,” he said.
McCain said he will leave the campaign trail after delivering an address to former President Clinton’s Global Initiative on Thursday morning. He canceled a Wednesday afternoon taping of The Late Show With David Letterman show and a Thursday interview with FOX News. The campaign said McCain will also suspend airing all ads and fundraising until the legislation passed.
McCain would particpate in Friday’s debate if Congress passed an agreement by Friday morning, his adviser Mark Salter said.
I think it was a very good idea… I hope they can straighten this out thing. This is truly necessary and a good decision.
But Obama rejected. He said we could do 2 tings at the same time!
Yeah right... he can't even do one! This is why McCain should be president.