McCain suspends campaign to focus on financial crisis

Drudge Report:

MCCAIN: 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.

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McCain has certainly grabbed the attention of the media. Fox is talking about his bold move in an urgent fashion. While I am not sure McCain is making the right move, I am pretty sure Obama is not. McCain will be seen as the guy willing to trying to work across party lines to solve the problem while Obama will be seen as a guy trying to take political advantage of the crisis.

McCain's move does appear to undercut the President's attempt to sell the bailout. That could hurt him with Republicans.

McCain will and can argue that he is putting "Country First."

CNN is now reporting on the suspension and is awaiting a comment from Obama.

I watched Obama's statement and he is ready to debate alone in Oxford, Mississippi. He clearly wants to make sure that the victims of the misguided housing policy are punished in any bailout. That is as big of a mistake as the original idea of giving loans to people who could not afford them. Richard Fernandez discusses the problems in Obama's old Senate District with government housing he supported. He also links a 3 month old video showing the effects of the housing plan.