The sound of jaws hitting the floor reverberated in Washington this afternoon when Republican presidential nominee John McCain announced that he would suspend his campaign and asked that Friday's debate be postponed. Why? Because of the "historic crisis in our financial system," said McCain, who intends to return to Washington tomorrow to participate in Wall Street bailout negotiations on the Hill.
In explaining his decision, McCain also referred to 9/11, patriotism, and partisan divisions that have "prevented us from addressing our national challenges." What he didn't mention was that Democratic nominee Barack Obama—at the urging of GOP Sen. Tom Coburn—had called him early this morning with an invitation to issue a joint statement that would outline agreed-upon principles and conditions for the Treasury's bailout proposal and urge Congress and the White House to join in the statement. And that when McCain called him back at 2:30 this afternoon, the two candidates had agreed on some broad principles.
Obama, taken by surprise with McCain's television appearance just minutes after the two had spoken, wasn't biting on the no-debate proposal. In a hastily arranged press conference in Florida, Obama said that the economic crisis makes the planned Friday debate in Mississippi—the first of three scheduled presidential matchups—"more important than ever."