Bold Move

Seeking to regain control over the campaign narrative, John McCain moved boldly today to turn his campaign focus entirely on the crisis on Wall Street, announcing he will suspend his campaign tomorrow morning, and suggesting that he will not take part in the debate Friday night. His campaign is reportedly moving this afternoon to take all of its TV advertising down. In a statement made in New York this afternoon, the text of which is posted on the Drudge Report, McCain addressed the importance of the bailout:

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.

This is reminicent of the leadership McCain showed during the Russian invasion of Georgia over the summer, but coming 10 days into this crisis rather than with immediate sure-footedness shown by his campaign during the Russian situation. Will Barack go along with suspending the debate?

However a senior Obama campaign official said Obama "intends to debate."

"The debate is on," a senior Obama campaign official told ABC News.

President Bush will address the nation at 9pm tonight.