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McCain calls for TV debate delay US rivals at odds on debate delay
(30 minutes later)
Republican White House hopeful John McCain has said he is suspending his campaign and returning to Washington to help deal with the economic crisis. Sharp disagreement has emerged between the US presidential candidates over whether to postpone a TV debate in light of the country's economic crisis.
And he called for a TV debate with Democratic rival Barack Obama, scheduled for Friday, to be delayed. Republican John McCain said he was suspending his campaign to return to Washington to deal with the crisis.
Mr Obama said he saw no reason to delay the debate as it was important for Americans to hear from the person who would soon be "dealing with this mess". But Democratic rival Barack Obama said it was "more important than ever" for US citizens to hear from the person who would soon be "dealing with this mess".
It comes as President George W Bush is to make an unscheduled TV address.It comes as President George W Bush is to make an unscheduled TV address.
Mr McCain called on the president "to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself".Mr McCain called on the president "to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself".
"We must meet until this crisis is resolved," he said."We must meet until this crisis is resolved," he said.
The BBC's Kevin Connolly in Washington says Mr McCain is billing his dramatic move as a gesture above party politics at a moment of national crisis. The BBC's Kevin Connolly in Washington says Mr McCain billed his dramatic move as a gesture above party politics at a moment of national crisis.
But, our correspondent says, it is smart tactics too because it conveys a sense that Mr McCain is taking the lead on an issue where so far voters appear to have been finding Barack Obama more convincing. But, our correspondent says, it was smart tactics too because it conveyed a sense that Mr McCain was taking the lead on an issue where so far voters appear to have been finding Barack Obama more convincing.
Mr Obama said a suggestion for a joint statement originally came from his camp, following a telephone call with Sen McCain earlier in the day. Meanwhile, the Democratic nominee said he was still planning to debate on Friday.
Earlier, US Federal Reserve chief Ben Bernanke urged politicians to "act quickly" to support the proposed $700bn (£378bn) bail-out of the financial markets. "In my mind it's more important then ever that we present ourselves to the American people and try to describe where we want to take the country and where we want to take the economy," he said.
He added the US economy risked "serious consequences" if action was not taken. Mr Obama said Mr McCain had agreed to his suggestion of a joint statement, in a "cordial" telephone call between the two men.
Plan doubts Mr Obama said he had assumed such a statement, which is still being worked on, would have been issued before either candidate made a TV appearance.
Bush broadcast
President Bush's address - expected at 2101 EST (0101 GMT) - will be covered live by the main television networks in the US.President Bush's address - expected at 2101 EST (0101 GMT) - will be covered live by the main television networks in the US.
Mr Bush is likely to seek to persuade US citizens to back his treasury secretary's $700bn bail-out plan. Mr Bush is likely to seek to persuade US citizens to back his treasury secretary's $700bn (£378bn) bail-out of the financial markets.
Earlier, US Federal Reserve chief Ben Bernanke urged politicians to "act quickly" to support the proposed package.
He added the US economy risked "serious consequences" if action was not taken.
Lawmakers from both parties have cast doubt on Treasury Secretary Henry Paulson's proposal, which was triggered by the collapse of a number of high-profile US banks.Lawmakers from both parties have cast doubt on Treasury Secretary Henry Paulson's proposal, which was triggered by the collapse of a number of high-profile US banks.
Mr Paulson wants to use the money to purchase banks' "troubled assets" in order to reassure lenders and restart the flow of credit on Wall Street.Mr Paulson wants to use the money to purchase banks' "troubled assets" in order to reassure lenders and restart the flow of credit on Wall Street.
Democratic and Republican congressmen have asked for assurances that the plan would benefit ordinary American home-owners as well as Wall Street.Democratic and Republican congressmen have asked for assurances that the plan would benefit ordinary American home-owners as well as Wall Street.
The White House has indicated that it would accept a Democratic Party proposal to cap executive pay as part of the bail-out package. The White House has indicated that it would accept a Democratic Party proposal to cap executive pay as part of the bail-out.