McCain Suspends Campaign

John McCain has announced that he will suspend his campaign to return to Washington to deal with the economic crisis:

Republican John McCain says he’s directing his staff to work with Barack Obama’s campaign and the debate commission to delay Friday’s debate because of the economic crisis.

In a statement, McCain says he will stop campaigning after addressing former President Bill Clinton’s Global Initiative session on Thursday and return to Washington to focus on the nation’s financial problems.

McCain also said he wants President Bush to convene a leadership meeting in Washington. Both he and Obama would attend the session.

Drudge Report has McCain’s statement available here and after the break.

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John McCain’s Remarks on the Economic Crisis
New York, NY
Wednesday, September 24, 2008

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.

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.

UPDATE: Word is the Obama camp has said they see no need for delaying the debate.

UPDATE 2: Now Obama is going to agree.  Waiting to find a link.

UPDATE 3: The Obama campaign is e-mailing reporters that they contacted McCain this morning about issuing a joint statement:

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.

Ben Smith also notes the bind this puts Obama in:

This isn’t an obvious one. Does he go along with McCain, for fear of being trapped inside McCain’s argument that the Republican puts country first while the Democrat puts himself first?

Or does he denounce this as a political stunt, and ignore it?

Either way, the ball’s in his court, and it’s a not an easy or obvious choice.

Option One: Follow the leader.

Option Two: Play politics.

Tough choice.

UPDATE 4: Obama: The Debate Is On:

[A] senior Obama campaign official said Obama “intends to debate.”

“The debate is on,” a senior Obama campaign official told ABC News.

Obama supporter and chief debate negotiator Rep. Rahm Emanuel, D-Ill., told MSNBC that “we can handle both,” when asked about his reaction to McCain’s call to postpone the first debate because of the administration’s bailout plan.

He believes they are making good progress on Capitol Hill on the bailout and his initial reaction is that the work on the Hill should not preclude the debate from taking place.

UPDATE 5: Unrelated to the campaign but related to the economy, President Bush will address the nation tonight.

UPDATE 6: Jonathan Martin at Politico has this:

It’s an extraordinary move, plainly aimed at appearing presidential and above the partisan fray at a time of great challenge. But, coming a week after McCain struggled to find his footing on the crisis and as national and state polls show him slipping in large part because of voter concerns over the economy, it also amounts to a dare: How can Obama say no?

Were the Democrat to insist on going forward with the debate and to continue to campaign as usual he’d walk right into McCain’s trap, seeming to place politics above what many are portraying as a dire national crisis and validating the Arizona senator’s slogan that it’s he who puts “country first.”

McCain’s move is also designed to recast the financial debate as it relates to the presidential campaign. Since last week, the Republican and his top aides have sought to broaden the discussion beyond the details of just what went wrong and how to fix the system and make the political question one of who is the better leader in a time of great national challenge. With a Republican president in the White House presiding over the near-meltdown and voters favoring Obama on the economy, transforming the matter from one about policy to one about character and leadership is imperative.

UPDATE 7: Around the Virginia Blogosphere

Doug Mataconis from Below the Beltway:

The question is whether this is a politically smart move on McCain’s part. Unless he goes to Washington to lead a fight against the Bush Administration’s proposed bailout plan, he risks ending up getting tacked as the poster boy for a bailout that, by all accounts, is increasingly unpopular.

Of course, the idea of having Obama and McCain talking about foreign policy while Congress tries to deal with the most serious financial crisis we’ve faced in decades is really sort of absurd when you think about it.

DJ McGuire from Right Wing Liberal:

These are my first blush reactions. I’ll have more detailed thoughts as more information comes in later this evening.

The good news: The Paulson plan must be in serious trouble.

The bad news: This will make some form of government bailout more likely.

The political effect: How should I know?

Leslie Carbone:

FOX News is reporting that John McCain has realized that the Bush Administration’s outrageous plan to burden the taxpayers with a bail-out for irresponsible banks and borrowers cannot pass Congress. Sen. McCain has requested a delay of this Friday’s presidential debate, plans to suspend his campaign tomorrow and return to Washington for bail-out talks, and has challenged Barack Obama to do the same.

F.T. Rea at SLANTBlog:

[W]hat I see is that McCain’s campaign is in a free-fall. The notion of facing his opponent this week, when he is totally unprepared to do so, has withered McCain’s courage to stand next to Sen. Barack Obama and answer questions about the economy or Iraq, or anything else.

Maybe this is statesmanship. Maybe this is something else, altogether.

Shaun Kenney:

Here we go — Senator McCain is suspending his campaign, and Senator Obama is making overtures for a joint statement from both campaigns just before a 9pm EST presidential address.

Why is it that I get the feeling that I am going to be told what is best for me (and the economy) by my government?

UPDATE 8: McCain is pulling his ads.

UPDATE 9: The Weekly Standard blog has a round up of quotes:

Sen. Joe Lieberman on Hannity:

I think this is a great act of leadership by John McCain, this is the guy I’ve come to know and love for 20 years here in the Senate, over and over again when there’s a problem not being solved he gets in the middle of it. And I’ll tell you that this thing will not be solved, and there won’t be an agreement, without John McCain and Barack Obama here. Maybe McCain can do it on his own–it’d be unfortunate. I repeat what I think I said earlier.Harry Reid said to me, “I’m not going to pass this bill without Republican support and I need John McCain’s help.” I gather Harry just said that John McCain suspending his campaign is a stunt. It’s not a stunt, it’s an act of leadership without which this problem will not be solved in the right way, so I’m proud of my guy and I’m glad he’s coming back to work here, that’s what the people want

Newt Gingrich:

Today John McCain showed what it meant to put country first.

And others.

UPDATE 10: I’m just mild about Harry...

Sen. Harry Reid on Monday:

Fearing a political backlash against Democrats, Senate Majority Leader Harry Reid (D-Nev.) has told the White House that it must serve up support from Republican presidential nominee Sen. John McCain (Ariz.) if it hopes to ensure bipartisan backing for a massive economic bailout package by week’s end.

Sen. Harry Reid yesterday:

We need the Republican nominee for president to let us know where he stands and what we should do.

Sen. Harry Reid today:

[I]t 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.

Category: Government