Sen. John McCain Suspends Campaign, Asks for Delay in Debate

CQ Transcripts Wire
Wednesday, September 24, 2008; 3:34 PM


[*] MCCAIN: Good afternoon.

America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up with devastating consequences for our economy. People will no longer be able to buy homes, and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, every corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal, and I have since discussed my priorities and concerns with the bill the administration has put forward. Senator Obama has expressed his priorities and concerns.

This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I've also spoken with members of Congress to hear their perspective.

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.

Tomorrow morning, I'll suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I've spoken to Senator Obama and informed him of my decision, and I've asked him to join me.

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