McCain Suspends Campaign
Sept. 24 (Bloomberg) — John McCain said made a surprise announcement that he was suspending his presidential campaign and called on Democratic rival Barack Obama to postpone their first debate until Congress hammers out a plan to steady the financial markets.
Obama rebuffed McCain, saying it’s “more important than ever” for the candidates to tell voters how they would deal with the crisis. He said they can work with Congress while campaigning. “It is going to be part of the president’s job to deal with more than one thing at once,” Obama said.
Both men said they wanted to reach a bipartisan solution to the credit crisis. McCain said the Bush administration’s $700 billion proposal to rescue struggling financial companies and unlock credit markets won’t pass Congress in its current form.
“It has become clear that no consensus has developed to support the administration’s proposal,” McCain said in New York. “We are running out of time.”
The financial crisis has overshadowed the presidential campaign and both candidates have been seeking to demonstrate their leadership on the issue. McCain and Obama this week largely agreed on conditions they want included in any rescue plan, including limits on executive pay and a mechanism to recoup taxpayer money.
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