CQ TODAY ONLINE NEWS
Updated Sept. 24, 2008 – 9:02 p.m.
McCain, Obama to Join White House Meeting on Economic Crisis, McCain Suggests Delaying Debate
By Jonathan Allen, CQ Staff
John McCain and Barack Obama will join congressional leaders in a meeting with President Bush Thursday to discuss the Wall Street crisis.
The White House invitation capped a long day of political manuevering by both candidates and political parties.
Wednesday evening, Obama-Biden spokesman Bill Burton sent a release outlingJoint Statement of Senator Barack Obama and Senator John McCain
“The American people are facing a moment of economic crisis. No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake.
“Now is a time to come together – Democrats and Republicans – in a spirit of cooperation for the sake of the American people. The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail.
This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country.”
Speaking for himself, Senator Obama outlined the following principles that he calls on Senator McCain to support:
I believe that several core principles should guide this legislation.
First, there must be oversight. We should not hand over a blank check to the discretion of one man. We support an independent, bipartisan board to ensure accountability and complete transparency.
Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers.
Third, no Wall Street executive should profit from taxpayer dollars. This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis.
Fourth, we must help families who are struggling to stay in their homes. We cannot bail out Wall Street without helping millions of families facing foreclosure on Main Street.
Fifth, we both agree that this financial rescue package should move on its own without any earmarks or other measures. We have different views about the need for other action, but this must be a clean bill.
McCain, Obama to Join White House Meeting on Economic Crisis, McCain Suggests Delaying Debate
This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. This is not a Democratic problem or a Republican problem – this is an American problem. Now, we must find an American solution.
Earlier Wednesday, McCain announced he would suspend his campaign and called on the president to convene a meeting with the two major-party presidential candidates and bipartisan congressional leaders to hammer out a plan to stabilize the struggling financial sector.
McCain also said he wants to postpone the first presidential debate of the general election season, which is scheduled for Friday.
“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,” McCain said. “Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.”
Democratic nominee Barack Obama told reporters that he does not plan to suspend his campaign and that he wants the debate to be held.
“It’s my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess,” he said.
The administration’s proposal to bail out Wall Street has failed to get sufficient traction on Capitol Hill this week as lawmakers from both parties have been besieged by calls from constituents who are alarmed both at the $700 billion price tag and the prospect of taxpayers rescuing financiers.
Democrats and Republicans said Wednesday that the prospects of reaching an agreement were brighter than the previous day as consensus built for some adjustments to the president’s proposal, but no deal appeared imminent.
According to an Obama spokesman, McCain’s announcement comes on the heels of an agreement between the two rivals to issue a statement outlining their shared goals in crafting legislation to address the turmoil on Wall Street.
“At 8:30 this morning, Sen. Obama called Sen. McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal,” Obama spokesman Bill Burton said. “At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details.”
But McCain spokesman Brian Rogers countered that Obama and McCain never spoke in Wednesday morning.
“Sen. Obama phoned Sen. McCain at 8:30 a.m. this morning but did not reach him. The topic of Sen. Obama’s call to Sen. McCain was never discussed. Sen. McCain was meeting with economic advisers and talking to leaders in Congress throughout the day prior to calling Senator Obama,” Rogers said. “At 2:30 p.m., Sen. McCain phoned Sen. Obama and expressed deep concern that the plan on the table would not pass as it currently stands. He asked Sen. Obama to join him in returning to Washington to lead a bipartisan effort to solve this problem.”
A McCain aide said “suspending” the campaign means fundraising and advertising will be temporarily halted, though the campaign itself cannot fundraise any more because McCain opted to take public financing for the general election.
McCain, Obama to Join White House Meeting on Economic Crisis, McCain Suggests Delaying Debate
Senate Majority Leader Harry Reid , D-Nev., blasted McCain’s move as a counterproductive political stunt.
“It would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy,” Reid said. “We need leadership; not a campaign photo op.”
Senate Minority Leader Mitch McConnell , R-Ky., praised McCain’s plan.
“That’s an outstanding idea,” McConnell said in a Senate floor speech so soon after McCain’s remarks that it appeared timed to bolster the Arizona senator’s proposal.
Congressional Republicans said Wednesday that McCain’s presence could help build support for legislation.
“McCain can talk to members,” said Rep. Thomas M. Davis III , R-Va. “There’s a lot of denial among members that this is needed. I think he and Obama can do something,” because they are now the leaders of their parties in an extraordinary circumstance.
“If McCain and 0bama both got up there, it would be something. They could say put politics aside, we need to have this,” said Greg Walden , R-Ore.
McCain has had a dicey record of trying to lead the push for big bills. For example, his efforts to lead the campaign for a big immigration overhaul foundered and triggered a feud with some conservative critics of his bipartisan bill such as John Cornyn of Texas.
“How can he lead on this financial crisis bill? He doesn’t agree with President Bush. No one listens to his ideas. He wanted to fire (Securities and Exchange Commission Chairman) Chris Cox,” said Hilda Solis, D-Calif.
And House Financial Services Committee Chairman Barney Frank , D-Mass., said McCain’s plan is a ploy of biblical magnitude.
“It’s the longest Hail Mary pass in the history of either football or of Mary,” Frank said.
Obama’s congressional allies say there should be no delay in the debate.
Meanwhile, The University of Mississippi, the venue for the debate, issued this statement Thursday afternoon:
McCain, Obama to Join White House Meeting on Economic Crisis, McCain Suggests Delaying Debate
“The University of Mississippi is going forward with the preparation for the debate. We are ready to host the debate, and we expect the debate to occur as planned.
“At present, the University has received no notification of any change in the timing or venue of the debate. We have been notified by the Commission on Presidential Debates that we are proceeding as scheduled.”
-- Alan K. Ota, Edward Epstein and Catharine Richert contributed to this story.
First posted Sept. 24, 2008 3:12 p.m.
Comments
I think McCain must not be prepared and using this as an excuse to postpone a debate that he might not do well in. I think the best thing for the American people is to listen to the debate and be able to decide who can lead better. We need a good leader and that is what we are voting for and that is what the debates should be about. It also would be a good timefor them to state their ideas, about the bailout during the debate. The debate is perfect to hear their views and now just the views of a crowd on congress people
McHide and run....leader??? This guy is completely lost. A president should be able to do more then one thing in a day. Why doesn't he sub in Palin...apparently she is capable to be president at a drop of a hat....I think this would be a good test. Barrak, don't fall for this stunt!!!!
What's McCain afraid of. I guess since he's slipping in the polls, he wants to suspend the campaign before he tanks completely. We know he's partly to blame for the financial mess. Now he doesn't want to reveal that he has no plan to fix it. Why doesn't he just hide with Sarah Palin and the rest of us can have our election.
I don't think it's that he is not prepared, but I do believe he is using it as an opportunity to one up his democratic counter part. This announcement certainly has political implications and McCain, regardless of what he says is using it as a campaign tool and not because he is "putting country first" as he would have us believe.
What a transparently desperate move by the McCain campaign. His chances are in free fall right now and he's trying to stop the bleeding by pulling this stunt.
A clever act of political gamesmanship by the McCain campaign. Try to seize the initiative on an area that was costing him big in the polls, and drive the recent bad news regarding him/his advisors off the front pages. Agree with their positions or not, it must be admitted that Republicans are masters of political tricks. While it's not fooling many, it's a valiant effort to make the most of a bad hand. I wonder if Karl Rove came up with this idea?
If all you little brainwashed and hollywood fans had a job, you wouldn't be at the computer all day and would understand what this country needs as far as leadership. It definitly wouldn't be another Ca. rock star,with a script. And for your info. Mc cain has been trying for a year to get Nobama to debate and meet one on one at a Town Hall meeting, but Mr. O. was afraid of not being ready to face someone with a long record and experience behind them. He had to be tutored some more!! He is wanting to have the debate Friday before he forgets the questions and answers he will be possibly be confronted with. Tee Hee! Also, he's too scared to give up knocking on doors and begging for votes so close to the big day!! Now you poor unread (no life) little individuals chew on that !!!
What happened to posting anti Obama comments????????? Funny how mine never showed up eh? Not only media biased but computers too ?????? Shame Shame Shame!!!!
For crying out loud! They both need to suspend the campaign and get down to the business of their REAL jobs at the moment and get back to the Senate and get this $$ mess straightened. Damn, why do the Democrats always have to say there are 'underlying motives' for everything McCain says or does? McCain, in my opinion, IS putting the American people first by postponing the debates. The debates are just another opportunity for them to say what they say everyday on the campaign trail anyway. Come on people, let's come together on this!
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