McCain suspending campaign, wants to delay debate

Republican presidential candidate John McCain said Wednesday he is suspending his campaign, and he is asking Democratic rival Barack Obama to join him in trying to postpone Friday night's debate so that both candidates and both parties can focus on a solution to the Wall Street crisis. 

{mosads}In prepared remarks for a speech in New York City, McCain said he is calling on President Bush to convene a meeting with leadership from both the House and the Senate, including the two presidential nominees, in order to work toward a solution.

"We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved," McCain said. "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."

Bush is planning to address the nation about the financial crisis and his administration's proposed $700 billion bailout Wednesday night.

McCain said that after speaking with economic advisers and members on the Hill and listening to Obama's thoughts, "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," McCain said.