McCain Calls for Postponing Debate
John McCain has just told reporters (including NPR's David Greene, who helpfully passed along a recap of the remarks) that he plans to return to Washington tomorrow to work on the economic bailout plan. He said he doesn't believe there's a "consensus" on the bill and he doesn't think the current plan is likely to pass. McCain is calling on his opponent Barack Obama to come back to the Capitol as well.
McCain also said the first presidential debate -- scheduled for this Friday in Oxford, MS -- should be delayed until an economic package has passed.
(Neither McCain nor Obama is a member of the relevant committee, the Senate Banking Committee. Both Senators have missed the vast majority of their Senate votes this year.)
-- Evie Stone
UPDATE: Here's the audio of McCain's statement (courtesy of our pals at Planet Money). Text is after the jump.
UPDATE 2: McCain's campaign also says all campaign ads should be pulled until an agreement has been reached on the bailout plan. They are aiming to find a solution before the markets open Monday, and say if a deal is reached tomorrow the debate could still go forward.
Good afternoon. 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' 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.
I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.
Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.
Thank you.
2:46 PM ET | 09-24-2008 | permalink



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