DELAYED DEBATE

McCain announcement on campaign suspension

09/25/2008

Republican John McCain on Wednesday said he was suspending his campaign and would return to Washington to focus on the roiling U.S. financial crisis.

John McCain said he asked Democratic opponent Barack Obama to join him in the U.S. capital and to agree to a delay in the first presidential debate.

Obama spokesman Bill Burton quickly responded, saying that McCain made his announcement unilaterally moments after agreeing to joint action by both candidates that was initiated by Obama in a personal phone call to McCain early Wednesday.

“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. 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,'' Burton's statement said.

McCain warned of dire consequences if Congress did not act quickly even the U.S. House of Representatives and Senate were struggling to find agreement on a $700 billion bailout package sent to Capitol Hill this week by the Bush administration.

“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,” he said in a statement he read in New York City.

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