Senator McCain to Temporarily Cease Campaign to Work on Bailout Package

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Speaking to reporters in New York, U.S. Senator John McCain said he would temporarily suspend campaign operations to return to Washington, D.C. and participate in the crafting of legislation geared at aiding the financial markets.

"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," said McCain. "Tomorrow morning, I will suspend my campaign and return to Washington."

The presidential candidate also requested that his presidential debate with Democratic Candidate Barack Obama be postponed.

An Obama aide said both sides were working on issuing a statement regarding the shared principles on the emergency legislation being debated on Capitol Hill.

By Erik Kevin Franco and edited by Sarah Sussman
©CEP News Ltd. 2008