McCain suspends campaigning, calls for delay in debates

Senator John McCain today announced he is temporarily suspending his campaigning for president in an effort to deal with the banking and financial crisis engulfing Wall Street. The GOP presidential nominee called on the Obama campaign to join him in putting a halt to his campaign and to delay the first presidential debate scheduled to take place this Friday.

"I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself," McCain told reporters in New York. "It's time for both parties to come together to solve this problem," he said.

Barack Obama's campaign issued a response acknowledging that Senator Obama had called Senator McCain Wednesday morning to ask if McCain would join him in issuing a joint statement about the economy. But the two men did not agree to delay Friday's debate, scheduled to take place in Mississippi.

"There are serious global financial issues at stake and the American people deserve to hear how the next president will handle them," an unnamed Obama adviser told the New York Times.

A leading Democrat, quoted in the Times, questioned the timing of McCain's decision. "What, does McCain think the Senate will still be working at 9 p.m. Friday?" Governor Ed Rendell of Pennsylvania was quoted in the paper. Rendell described McCain's move as "political" and said he wished "McCain had shown the same concern when he didn't show up in the Senate to vote on the extension of the renewable energy tax credit."

CNN reported that it was not clear if McCain would merely canceled his scheduled appearances or if he would also suspend his television advertising. The McCain campaign did say that it has canceled the senator's scheduled appearance on "Late Night With David Letterman" Wednesday night.

Meanwhile, President Bush is scheduled to address the nation on the financial crisis in a speech Wednesday night.

Senate Majority Leader Harry Reid issued the following statement:

"This is a critical time for our country.  While I appreciate that both candidates have signaled their willingness to help, Congress and the Administration have a process in place to reach a solution to this unprecedented financial crisis.

"I understand that the candidates are putting together a joint statement at Senator Obama's suggestion.  But 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.  If that changes, we will call upon them.  We need leadership; not a campaign photo op.

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