McCain suspends campaign to work on financial crisis

September 25th, 2008 - 4:24 am ICT by IANS  

Barack ObamaWashington, Sep 25 (DPA) Republican senator John McCain announced Wednesday that he will suspend his campaign and return to Washington to work on emergency legislation designed to stem off the country’s financial crisis.In a brief statement to reporters, McCain said he has asked his Democratic opponent, Barack Obama, to join him in the effort, and that he wanted to delay Friday’s first presidential election debate between the two candidates.

McCain said be did not believe the proposal floated by the Bush administration will get congressional support as it is currently written.

“It has become clear that no consensus has developed to support the administration’s proposal,” McCain said of the White House’s $700 billion plan to buy out risky mortgages and other securities from financial firms.

McCain said he asked President George W. Bush to hold a meeting with congressional leadership as well as himself and Obama to address the crisis and get legislation through Congress.

“Now is our chance to come together to prove that Washington is once again capable of leading this country,” McCain said.

McCain said he will return to Washington after speaking at former President Bill Clinton’s Global Initiative gathering Thursday.

Obama was expected to respond to McCain’s proposal shortly.

Both candidates have backed a plan to bail out the financial sector to prevent a broader economic fallout that could freeze credit. Obama wants provisions to offer more protections to taxpayers and homeowners with failing mortgages.

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