(CNN) - McCain senior advisor Mark Salter told reporters Wednesday that the Arizona senator’s decision followed two days of discussions with colleagues on Capitol Hill, who told him that the bailout plan from Treasury Secretary Hank Paulson faced an uphill fight.
He also said that McCain called President Bush today and told him of the plan, but would not characterize the president’s reaction to the proposal.
The McCain campaign will suspend airing all ads and all campaign events pending an agreement with Obama, as well as planned fundraising activities.
He added that McCain would take part in the debate as scheduled if Congress reached agreement on the measure by Friday morning.
(Updated to reflect McCain campaign announcement fundraising activities will be suspended)
From CNN Politics
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Utterly unbelievable.
This is nothing more than political cowardice. McCain is getting beaten in the polls, he has slim (or no) leads in some R states and he knows full well that the Republicans are going to take the political hit for the economy – so now he wants out? Bull – stand up and take your medicine.
Oh yeah, and let Palin talk to the press – more cowardice.
Once upon a time, I admired America.
That's it!! The GOP lost!!! They're a bunch of morons!!! The President is gonna get picked on with Senator McCain...this is freakin ridiculous!!!
McCain won't campaign and won't debate but he can still find time to fundraise. Come on! A 2 hour debate is not going cause a economic crash. You are not a savior and neither is Obama individually. So debate and lets see what you two got. Then go back to DC if need be. You have a private Jet.
His polls are going down and he knows he's going to get schooled on Firday. This move is nothing but "Palin II". It's a gutless, shameless ploy. I used to respect this man. He's a brainless, desperate old man who'd sell his soul–whoops, he already did that.
CAN WE SAY GIMMICK!
"BS", Republican's ("McCain") are simply trying to cover their tracks and any involvment with this financial scandal/crisis
Pure BS. Mccain wants it suspended, delayed, because he knows he is not ready. Just wait and see, George W will want the election suspended because of the crisis infdefinately. McCain needs to concede now.. I do not think the people will stand for this kind of Black Mail, even from the High Lords of the Republican party.
McCain and his party are paramount in the deregulation.Deregulation left the door open to the greed that Sen.McCain said was rampant.The debate will & should happen on Friday.We are in this problem because we elected a failed business man.
More back and forth. McCain, you can't run your campaign smoothly, you'd be a disaster for our nation.
This is so transparent. All of a sudden as he is about to get trounced in a fair debate, McCain scuppers off. How the heck is he going to come in like the Economic Superman when he doesn't really know much about the Economy. Pathetic.
He knows that after a hard day of being briefed about the economy he'll need to go down for a nap instead of debating the issues. Incredible.
Wow! An ultimatum to the American public – gutsy.
clearly a stunt. obama had better not agree to this crap. suspend your campaign if you want mccain, obama had better keep his eye on the ball and not be distracted by a gimmick from a desperate opponent.
mccain has lost all honor that he may of possessed at one time.
Full of trickery!!!!
These guys are playing a game. Show leadership and hold the country hostage....again!!!
Won't work this time! Keep it movin' and watch OBAMA kick @ss on Nov 5th
*** GOOD TRY THOUGH***
McCain is all scared now, he knows he is going to flunk during debate when it comes to Economic issues, actually all issues are linked to the economy.
LOOKS LIKE THE CLINTONS, BARNY FRANK, AND OBAMA NEED TO MORE WORRIED ABOUT F.B.I. INVESTIGATION THAN POLITICS RIGHT NOW, ALOT OF LIBERALS WILL BE GOING TO JAIL.
Typical Mccain. Lying and pandering about his intentions.
If he saw or heard about the speech Biden make this
morning he knows he is trouble. He needs time to
try and regroup.
Airplanes can get you to places in a matter of a few hours,
and the debate should be held.
The solution is for the congress to cancel their "vacation"
and more time and thought should go on.
He is getting his butt kicked daily. He is desperately searching for a way to take a time out to regroup and try to 'stop the bleeding'. Every day that he can get Obama not to campaign or the press to report on the campaign is another day he does not fall further behind.
Brilliant.
What a great sign of a true leader....Country First!! Time to sink or swim Obama...
This is a transparent move to further establish the facade that McCain is a "maverick" willing to cross party lines. While time is needed to focus on a solution, let's let the candidates spread their plans of economic recovery through a continued campaign. And let's change the focus of the debates to the economy and let McCain answer tough questions about the failed policies he helped create.
Mccain, go vote and then continue on you shameless panderer. Wow, you have new lows every single day. We know you nor sarah are ready for the debates but that is your fault.
So what happens if Obama shows up and McCain doesn't? This is very weak even for you McCain!
This is political driven , pander and a way to get votes, nothing else.
Just to be clear... Its John McCain's campaign that's asked for the postponement....
Its a panic move, its irratic, and it shows McCain can't multitask... its a nice try to blame congress but the bottom line is the debate should proceed whether congress votes in Paulson's mess or not.
To me this a strong arm tactic on congress as well... nice try.
Tough week for your campaign, eh Senator McCain? Don't want the country to hear about how your party and policies you championed led us to this disaster, huh?
Yeah, I'd want to cancel the debate too, in your shoes.
We don't care about you suspending your campaign Mr. McCain, just show up for the debate, because we have been waiting for it for months. You always find ways to distract this campaign, but this time we don't even care, because we already know that you will lose in November.