<font size="5"><Center>McCain Suspending Campaign, </font size><font size="4">
Asks for Debate Delay; Asks for Obama's Cooperation</font size></center>
Washington Post
By Michael D. Shear
and Robert Barnes
September 24, 2008
NEW YORK -- Republican presidential nominee John McCain this afternoon said he would suspend his presidential campaign tomorrow to return to Washington and help reach agreement on a plan to solve the financial crisis on Wall Street, and called for a delay of Friday night's presidential debate.
"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."
The campaign also announced that McCain was canceling today's planned appearance on the "Late Show with David Letterman."
The Obama campaign said that the two candidates had spoken by phone this morning about releasing a joint statement on principles to govern the financial sector bailout, but that it had no plans to suspend campaigning.
"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."
Sen. Barack Obama, who is in Florida, will make a statement shortly in response to the McCain announcement.
McCain's remarks follow:
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.
Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns. This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I have also spoken with members of Congress to hear their perspective.
It has become clear that no consensus has developed to support the Administration's proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.
Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
I am calling on the President 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.
We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.
Asks for Debate Delay; Asks for Obama's Cooperation</font size></center>
Washington Post
By Michael D. Shear
and Robert Barnes
September 24, 2008
NEW YORK -- Republican presidential nominee John McCain this afternoon said he would suspend his presidential campaign tomorrow to return to Washington and help reach agreement on a plan to solve the financial crisis on Wall Street, and called for a delay of Friday night's presidential debate.
"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."
The campaign also announced that McCain was canceling today's planned appearance on the "Late Show with David Letterman."
The Obama campaign said that the two candidates had spoken by phone this morning about releasing a joint statement on principles to govern the financial sector bailout, but that it had no plans to suspend campaigning.
"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."
Sen. Barack Obama, who is in Florida, will make a statement shortly in response to the McCain announcement.
McCain's remarks follow:
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.
Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns. This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I have also spoken with members of Congress to hear their perspective.
It has become clear that no consensus has developed to support the Administration's proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.
Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
I am calling on the President 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.
We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.
