Obama says leaders need to 'come together' to solve economic woes
Last Updated: Thursday, September 25, 2008 | 1:02 PM ET
U.S. Democratic candidate Barack Obama says a presidential debate set for Friday should proceed because Americans have a right to know how the next administration will lead the country out of its grave financial problems.
Obama and Republican presidential candidate John McCain were set to debate on Friday, but McCain has said he will not take part unless a plan is in place to solve U.S. economic woes.
McCain officially suspended his campaign Thursday.
Obama said leadership is needed now. Americans go to the polls on Nov. 4.
"Our election is in 40 days, our economy is in crisis, our nation is fighting two wars abroad," Obama said, speaking via satellite from Clearwater, Fla., to the Clinton Global Initiative for Climate Change in New York City.
"The American people, I believe, deserve to hear directly from myself and Senator McCain about how we intend to lead our country. The times are too serious to put our campaigns on hold or to ignore the full range of issues that the next president will face."
Obama said "now is the time to come together" for the benefit of all Americans. He said he has no intention of suspending his campaign.
Obama made the comments before he left Florida for Washington, where he is scheduled to meet with U.S. President George W. Bush and McCain to discuss a $700-billion bailout plan to rescue banks from risky mortgage debt.
Future of economy 'in danger': Obama
Earlier Thursday, McCain said American politicians must set their differences aside as they try to grapple with grave problems facing the economy.
"The whole future of the American economy is in danger," he said in New York City.
"If we do not act, credit will dry up with grave consequences for workers and businesses across the American economy and beyond. People will no longer be able to buy homes. Their life savings will be at stake. Businesses will not have enough money to pay their employees."
McCain said he hopes the Bush administration and U.S. Congress can reach consensus on the bailout plan before markets open on Monday.
McCain said he officially suspended his campaign for now because he cannot proceed when there is so much at stake, given the fragility of the economy.
"I cannot carry on a campaign as though this dangerous situation had not occurred or as though a solution were at hand, which it clearly is not," he said.
Bush says plan needed to avoid economic pain
Bush called for the meeting with Obama and McCain in a nationally televised speech Wednesday night, where he warned that Washington's failure to pass the plan could cause "a long and painful recession.
"There is no question there are a lot of people who are opposed to aspects of it, but it's hard to find anybody who is prepared to vote directly down against the package itself," said the CBC's Henry Champ from Washington on Thursday morning.
"So this meeting ought to be the kind of dam breaker that is necessary."
The plan has met with opposition from Republican and Democrat congressional leaders, as well as their constituents, over its high cost. Many congressional leaders have also called for government oversight of the distribution of the package.
But the administration has cleared a major sticking point by agreeing to limit pay packages to the executives of the failing companies.
Among the issues still to be worked out is how to phase in the cost of the plan, whose implementation the future president will have to oversee after he is elected.
But some lawmakers on Capitol Hill, including Senate majority leader Harry Reid, have said it isn't necessary for Obama and McCain to get involved in the negotiations, reported Champ.
"It must be pointed out that neither Obama or McCain are on any of the relevant committees that would be dealing with this," said Champ.
Both Obama and McCain agreed Wednesday to attend the meeting, and in a joint statement called for a bipartisan approach in the crisis.
"This is a time to rise above politics for the good of the country," said the statement.
"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."
Friday's debate, the first of three, was scheduled to take place at the University of Mississippi in Oxford.