**Scroll past the jump for regular updates to this post**
This broke just before Tammy Radio ended. McCain also wants the debate on Friday postponed until this situation is solved. This puts Obama between a rock and a hard place–if he agrees with McCain he looks like he’s allowing the senior statesman to direct the agenda. Obama would be a follower, not a leader. Which is, of course, the truth of the situation. If he disagrees, and will not go to Washington, he’s putting politics above what’s best for the country.
McCain Suspends Campaign to Help With Bailout
John McCain announced that he will suspend his presidential campaign on Thursday to return to Washington to help with bailout negotiations. He urged his opponent Barack Obama to do the same…
“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,†McCain said…McCain said he did not think the Bush administration’s $700 billion bailout plan, being shepherded by Treasury Secretary Hank Paulson, adequately addresses the crisis at hand.
“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,†he said.
The Friday debate, without McCain’s participation, is obviously off regardless of what Obama decides.
The White House seems a little flummoxed as well, as they should be. Bush is a large part of this problem, as his admin asks for $700 billion from congress without telling them what they’re going to do with it. Effectively, Bush’s team is telling congress to give them what will at least be a trillion dollars, and simply trust them with it.
Yeah, sure.
Of course, something must be done, but there is a growing sentiment that it’s not the current railroading being offered by the Bush gang.
In the meantime, the Obama campaign has yet to respond to McCain’s suggestion.
1242p PT: This is weird. ABC is reporting that Obama says the debate will go on. Who’s he gonna debate, the McCain stand-in from his debate preps? Is he going to play both parts? Will he fight with himself? Obama insists you can do both–deal with Washington and then fly back down for the debate. This should be interesting as it unfolds…
McCain: Scrap Friday Debate for Bailout; Obama Camp: ‘The Debate is On’
“I have spoken to Senator Obama and informed him of my decision and have asked him to join me,†McCain planned to say in New York City, according to advance excerpts released by his campaign. “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.â€
However a senior Obama campaign official said Obama “intends to debate.” “The debate is on,” a senior Obama campaign official told ABC News.
Obama supporter and chief debate negotiator Rep. Rahm Emanuel, D-Ill., told MSNBC that “we can handle both,” when asked about his reaction to McCain’s call to postpone the first debate because of the administration’s bailout plan.
President Bush is scheduled for a nationally televised speech tonight arguing for a fast passing of this “give us $700 billion dollars and just trust us” so-called plan. He wants it passed by Thursday. Fox is reporting the “plan” amounts to four pages pages explaining how they need $700 billion, but withholds any details about what’s going to happen with that money. President Bush likes this idea. A lot of other people don’t.
White House yields on chiefs’ pay, Bush to speak
Warren Buffet is for the bailout. Jack Welch is for the bailout. So is Investors Business Daily.
This is less of an issue that we need to do something, whether we call it a bailout or not. The real issue is if the taxpayers are going to be fleeced in the process.
Perhaps Mike Pence (R-Indiana) has said the smartest thing so far:
“I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot,” said Rep. Mike Pence, R-Indiana. “The truth is, every time somebody tells you that you’ve got to do the deal right now, it usually means they’re going to get the better part of the deal.”
McCain. Smart.
The media will huff and puff because they won’t get their fix on Friday.
How exactly is running back to Washington and discussing the matter behind closed doors supposed to be better than debating it on live TV in front of the American people?
Typical elitist, senatorial thinking.
CNN has the video of McCain’s statement here.
Tempus– McCain could be our next POTUS. He should have a part in what’s going on in DC right now. And certain situations (like this one) require one’s presence… can’t phone it in.
Bush and Paulson are pushing this bailout and they won’t even be around to bear the responsibility for it later. So suddenly Bush has found his manhood???? Uh, it’s against the wrong opponent…. US!
Harry Reid weighs in.
You know, I do think this issue is vitally important and I’m sincerely glad that all parties have agreed to suspend “partisan politics” for the good of the country! Aren’t you?
According to FOX, the Obama campaign has rejected McCain’s request to postpone the debate on Friday.
McCain should tell Barry to debate himself or com’on back to the swamp and get to work. Tammy’s post on how Newt doesn’t like this plan (and comments) along with Maynard’s post (econ 101) with comments goes along way to put this all in context.
I support McCain/Palin to the fullest….but I question this latest maneuver. For one thing…what crisis? It’s not like a hurricane, or people dying. The Market is correcting itself, which it will continue to do. There are many people who don’t believe the Great Depression was a Depression. It was simply a Correction from the financial orgies of the roaring 20s. FDR’s New Deal only made things worse by creating the eventual Welfare State.
Harsh words?
I think plagues, famine, floods, 911, hurricanes…to me those are bona fide crises. The whims of the silly Stock Market, and Wall Street funny-business….I don’t see how that’s a crisis in which an entire campaign needs to come to a complete standstill.
McCain is more effective offering up his economic fixes on the campaign trail.
And yet, if it moves him ahead in the polls, I’ll eat my words.
If it were me, I’d just stay on the trail. Keep going, and keep going, stay the course, right to the finish line. Wasn’t it McCain who said he’d debate anytime anyplace ?—or did that pertain to Townhall meetings ?
Just keep playing the game, stay on point, and for God’s sake throw open the doors to Palin with respect to the media. Palin does not need to hide from press conferences. The way they went up in the polls was for the media to attack her. Barring the press from Palin is bad strategy. I doubt that she’s scared to face ’em anyway, and the more they attack, the more inquisitions, ….provides good training ground and practice for her debate, which, I hope won’t be cancelled also !!!
Officials from Ole Miss have indicated that cancellation of the Presidential debate would be devestating for them.
While Obama indicates that he plans on showing up and will have a town meeting in Mississippi if McCain isn’t there. FOX’s Bill Sammon theorized that at first glance it looks like Obama won this set, since although this is a crisis, it’s not on a par with a terrorist attack or the like, and thus it will appear that McCain is hiding. He may be right.
This proposed taxpayer-funded bailout is corporate welfare a.k.a. welfare, you know, socialism. I know Palin opposes this; I hope McCain stays strong in his opposition to it.
Loss is just as important as profit in a capitalist system. Reckless businesses need to fail. Besides the priciple of the matter, we just don’t have the $$$ to prop up every Tom, Jose, and Mohammed.
That’s what I’m saying. And particularly with Palin. They need to put her out there (feed her to the wolves?) and let the media fire shots. The Media seems to be driving the polls, so let the Media make a fool of itself attacking Palin. She’s already proven she can take whatever they dish out at her, and she gains ground by keeping her cool, staying on message, being authoritative yet polite.
Their strategy of limiting access isn’t going well, at this point. Cancelling debates, suspending things, restricting media………Hello Steve Schmidt !!!! It’s not working.
They had a great campaign, and it’s still salvageable. More media access for Palin, and unrestricted. Let the Obama-obsessed media make fools of themselves while Palin continues to hold her head high and come out the winner. And let McCain work his economic wonders right from the debate pulpit. The public wants to see the process, and also wants to see the media continue to make fools of themselves at their own expense
Obama doesn’t want to fix the economy because that’s how Democrats win—they feed off a bad economy and win elections that way. So, if you do, in fact, think the economy is in crisis……you can count on Obama to make sure it stays that way. It’s like a gift from God for Democrats…and they’re looking for ways to prolong it so they can win elections.
I’d like to see McCain make that point…right at the debate to Obama’s face.
Does McCain, or Steve Schmidt read these comments?
Bailout is a bailout
there is has to come a time when corporate welfare ends. and accountability kicks in
Lending money to unqualified borrowers has its own
risk, the banks that did this are gonna have to dance to the music.
The legislators who pushed the idea of
vanquishing Redlining need to find new jobs.
McCain met with Romney, eBay’s Meg Whitman to Discuss Proposed Bailout
I guess everybody has a different take. I think that, as Senators, their full attention should be given to this. Yes, it could “correct” itself, but Bush and Co. are not going that route, are they? They are pushing for this bailout thing and pushing hard and I don’t like it. I want EVERYONE in Congress to be in on this – listening to what is going on, being there for crucial votes, etc. A someone else said – you can’t phone this in. So I don’t see the problem with what McCain is doing.
The debates were going to be about foreign policy anyway. And what’s the point of debating this crisis when by the time either one enters offices, some kindn of Legislation would have already passed and we’d be dealing with that. That’s a bunch of what ifs that I don’t need debated.
I want to see what these guys are going to do NOW. We have that opportunity to have candidates that are Legislators, that can vote on things in the hear and now and we can see how they handle it.
So I like that McCain gives his full attention to this. I want him to be part of the debate. I want to see what he does. Same with Obama (not that I’d vote for him anyway, but I’d like to see what he does).
What’s so wrong with that?
The damages is done. Would postponing the one and possibly only debate change anything? I think this whole bailout stinks!! Considering my job is to work with all these investment banks; I’m employed at a national banking corporation, I know for a fact my job will be eliminated. I’m tired of mediorities ruining companies and leaving with large severance packages. And I’m tired of mediocre politicians jumping in trying to make themselves look good when they are the ones who are responsible for this mess!!!
When this news first broke, I thought it was a brilliant strategic move on McCain’s part. As the day has gone on, I’m not so sure. I don’t trust his supposed slide in the polls but the “appearance” of a slide coupled with calling for postponement of not only his debate but the VP one as well (according to Hot Air) gives ammunition to the other side.
The magpies in the press are already bitching and moaning about McCain sheltering Palin. We may know that’s not true but we’re sane. The Left are foaming-at-the-mouth lunatics.
“How exactly is running back to Washington and discussing the matter behind closed doors supposed to be better than debating it on live TV in front of the American people?”
Last I checked, C-SPAN has cameras covering the Senate floor and shares their feeds with whoever wants them. Closed sessions happen very rarely, usually for national security reasons, and they won’t happen on this. If there’s a debate on the bailout bill, and McCain speaks on it, and Barry isn’t even there to vote “present,” who exactly looks presidential in this scenario?
I found Obama’s comments that a President has to do two things at once revealing. Barry is not the President. He is the Senator from Illinois. Has this fact somehow slipped his mind? Why isn’t he heading back to DC to advocate for his constituents in this mess? The fact that he regards a presidential debate on foreign policy more important than ironing out this bail out mess and representing the people of Illinois shows a man more driven by personal ambition than agent of true change.