McCain: Bailout solution ‘clearly not’ at hand

GOP presidential nominee John McCain said Thursday that a federal fix to the crisis on Wall Street is “clearly” not at hand, despite assertions from lawmakers and news reports that a deal is near. 

Sen. McCain (Ariz.), who suspended his campaign earlier Thursday to focus on the troubled financial markets, said at a speech in New York to the Clinton Global Initiative that the “whole future of the American economy is in danger.”

{mosads}While stocks dipped slightly Wednesday afternoon following McCain’s announcement, they rose sharply Thursday morning as reports of a deal on the bailout fueled trading. After trading on Wednesday closed, Senate Majority Whip Dick Durbin (D-Ill.) said a bill could be produced as early as Thursday, with debate and a vote likely over the weekend.

However, Republicans said a deal had not yet been completed on Thursday morning.

“As I told our Conference this morning, there is no bipartisan deal at this time. There may be a deal among some Democrats, but House Republicans are not a part of it,” said House Minority Leader John Boehner (R-Ohio).

“I cannot carry on a campaign as though this dangerous situation had not occurred, or as though a solution were at hand, which it clearly is not,” McCain said in prepared remarks for the New York event. “As of this morning I suspended my political campaign. With so much on the line, for America and the world, the debate that matters most right now is taking place in the United States Capitol — and I intend to join it.”

McCain lauded his Democratic rival Sen. Barack Obama (Ill.) for joining a meeting at the White House on Thursday, at which leaders of both parties will discuss the crisis.

“America should be proud of the bipartisanship we are seeing,” he said.

McCain expressed confidence that a deal can be reached on legislation “before the markets open on Monday.”

Obama, who addressed the Clinton Global Initiative via a video link, also stressed the need to address the crisis quickly.

In a speech marked by some long pauses uncharacteristic of the usually eloquent Democratic nominee, Obama said he is traveling to Washington to participate in the White House meeting. However, he also stressed that he would go to Mississippi on Friday to participate in the first presidential debate.

“The American people deserve to hear directly from myself and Sen. McCain about how we intend to lead our country,” Obama stated. “The times are too serious to put our campaign on hold, or to ignore the full range of issues that the next president will face.”

McCain has indicated that he wants to postpone the debate, citing the financial crisis.