NEW YORK, Sept. 24, 2008
Obama Rebuffs McCain On Debate Plans
McCain Weighs Friday Debate Time, Obama: President Will Have To Juggle Multiple Tasks
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Play CBS Video Video CBS Exclusive: John McCain "In Full": Katie Couric spoke with John McCain about the national financial crisis and the presidential candidate says that the economy comes before partisan politics.
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Video McCain Suspends Campaign "CBS News RAW": John McCain has suspended his presidential campaign to return to Congress in the hope of passing legislation that will address the dire state of the U.S. economy.
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John McCain announces his call to delay the first presidential debate scheduled for Friday. (CBS)
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Photo Essay John McCain Some call him a hero, some a maverick. Will Americans call him Mr. President?
The White House rivals maneuvered to claim the leadership role on the financial crisis that has overshadowed their campaign six weeks before Election Day. Obama said he would proceed with his debate preparations while consulting with bailout negotiators and Treasury Secretary Henry Paulson. McCain said he would stop all advertising, fundraising and other campaign events to return to Washington and work for a bipartisan solution.
"It's my belief that this is exactly the time when the American people need to hear from the person who, in approximately 40 days, will be responsible for dealing with this mess," Obama said at a news conference in Clearwater, Fla. "It's going to be part of the president's job to deal with more than one thing at once."
But McCain said they must focus on a bipartisan solution to the nation's financial woes as the Bush administration's $700 billion bailout proposal seemed headed for defeat. If not, McCain said ominously, credit will dry up, people will no longer be able to buy homes, life savings will be at stake and businesses will not have enough money to pay workers.
"We could move [the debate] up a few days," McCain told CBS Evening News anchor Katie Couric in an exclusive interview. "Because we know we have to act … We have to show the markets, the world markets, that we're going to address this issue seriously."
Sen. Lindsey Graham, McCain's representative in debate negotiations, said McCain will not attend the debate "unless there is an agreement that would provide a solution" to the financial crisis. Graham, R-S.C., told The Associated Press that the agreement would have to be publicly endorsed by Obama, McCain, the White House and congressional leaders, but not necessarily given final passage by the House and Senate.
Asked whether the debate could go forward if McCain doesn't show, Obama spokesman Robert Gibbs replied, "My sense is there's going to be a stage, a moderator, an audience and at least one presidential candidate."
Their competing positions came after the two senators spoke privately, each trying to portray himself as the bipartisan leader in a time of crisis.
McCain beat Obama to the punch with the first public statement. He said he had spoken to President Bush and asked him to convene a leadership meeting in Washington that would include him and Obama. Bush did just that, announcing Wednesday night during a national television address that he had invited both candidates and key congressional leaders to the White House for a Thursday meeting on the financial crisis. Obama indicated he would attend.
Even as McCain said he was putting the good of the country ahead of politics, his surprise announcement was clearly political. It was an attempt to try to outmaneuver Obama on an issue in which he's trailing, the economy, as the Democrat gains in polls. He quickly went before TV cameras minutes after speaking with Obama and before the two campaigns had hammered out a joint statement expressing that Congress should act urgently on the bailout.Exclusive: Watch Katie Couric's interview with John McCain
Transcript: Katie Couric's interview with John McCain
Also of note, Senate Majority Leader Harry Reid spoke with McCain and told him "it wouldn’t be helpful for him to come back to Washington," sources told CBS News.
And while McCain's campaign said he would "suspend" his campaign, it simply will move to Washington knowing the spotlight will remain on him no matter where he is.
"After days of appearing to be on the defensive over the economic crisis, McCain is making a surprise move while at the same time underlining his call for both parties to work together," said CBSNews.com senior political editor Vaughn Ververs. "From a campaign perspective, it’s potentially a bold move but not one without risk if it’s seen by voters as gimmicky or the ultimate result ends up unpopular." (Read more analysis from Ververs)
Obama, too, made a political calculation by rejecting McCain's challenge while trying to still appear on top of the problem. Obama repeatedly stressed at his news conference that he called McCain first to propose that they issue a joint statement in support of a package to help fix the economy as soon as possible. He said McCain called back several hours later, as Obama was leaving a rally in Florida, and agreed to the idea of a statement but also said he wanted to postpone the debate and hold joint meetings in Washington.
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Obama said he suggested they first issue a joint statement showing bipartisanship in support of a package that would include greater oversight, relief for homeowners and taxpayers and limits on executive compensation, reports CBS News correspondent Chip Reid.My sense is there's going to be a stage, a moderator, an audience and at least one presidential candidate.
Robert Gibbs, Obama spokesman"When I got back to the hotel, he had gone on television to announce what he was going to do," Obama said.
McCain said he would return to Washington after addressing former President Clinton's Global Initiative session in New York Thursday. He canceled his planned appearance Wednesday on CBS' "Late Show With David Letterman" program and a meeting with the prime minister of India.
The Commission on Presidential Debates said it was moving forward with plans for the debate. "We believe the public will be well served by having all of the debates go forward as scheduled," it said in a statement.
The University of Mississippi said it was going forward with preparation for the debate in Oxford. "We are ready to host the debate, and we expect the debate to occur as planned," the school said, adding that it had received no notification of any change in the timing or venue.
The McCain campaign initially said it would suspend all advertising and campaign events until a workable deal is reached on the bailout proposal - but only if the Obama campaign agreed to do the same. Later, the campaign said it would move ahead regardless of whether Obama agrees.
McCain's running mate, Sarah Palin, also was canceling her limited campaign events. Palin said in an interview with CBS Evening News Wednesday that the country could be headed for another Great Depression if Congress doesn't reach a solution.
McCain adviser Steve Schmidt would not say how long the suspension would last but indicated it would go through the weekend, in order to reach agreement on a deal before the markets open on Monday.
McCain has struggled with how to handle the financial situation, which he might escape with modest political damage if he and Obama could reach some type of accord on the matter.
Scores of congressional Republicans have hinted this week they may oppose the proposed $700 billion bailout even though it is Bush's priority. Senate Majority Leader Harry Reid, D-Nev., pointedly suggested that Democratic lawmakers could not be expected to back it if McCain did not publicly do so.
That leaves McCain with two unpalatable choices. He can oppose a major Republican initiative that the administration says is essential to preventing a full-blown recession, and risk heavy blame if the prediction comes true. Or he can vote for an extraordinarily costly bailout, which many Americans seem to resent, just when polls show him falling farther behind Obama.
Several GOP lawmakers and strategists said they see no way that McCain can oppose the main elements of the bailout plan and present himself as a bold leader. He must say, "we need to get this done for the future of our country," said John Feehery, a former aide to top Republican lawmakers. "Country first," Feehery said, noting McCain's campaign slogan.
But McCain might reap few political rewards for such a move.
Rep. Tom Cole, R-Okla., said he has not found any Republican colleagues who say the proposed bailout "is popular in their district."
Of course, Obama also risks angry voter reactions if he supports the bailout plan. But he could frame his stand as bipartisan statesmanship, whereas McCain's vote could be spun as another example of his siding with Bush, a major impediment to his campaign.
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Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
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See all 1711 CommentsRep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can''t repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats'' two most important constituent groups: rich Wall Street bankers and welfare recipients."
Democrats need to do research to see who caused this problem.
By the way, Bill Clinton was on the news supporting McCain''s desision to halt his campaign as the right thing to do. What do you think about Bill''s comment, I know what everything he says is highly accepted by Democrats.
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Posted by barnabus5 at 05:15 PM : Sep 25, 2008
This was done in secret so the people would not know. Go check the LA Times archives. I know Democrats can not do this, they only believe what their party tells them to. Think for yourself and do reasearch. Quit following blindly. Democrats want this takeover the market to promote Socialism, why do you think they jumped on this so fast and already have a plan. Most of the loans are solvent and can be reissued at a lower rate so people can pay them back, there is no need for a bailout.
He''''s a war hero but afraid to battle Obama? He thinks voters are stupid enough to fall for that obvious political gimmick?
Then too, maybe we are too hard on him. Maybe he does not buy gas, or food, or school clothes, or pay rent or a mortgage note. There may not be one laptop in any of his 7 mansions and all the TV sets may be on the blink. Maybe his memory is shoter than a minute. Maybe his rich wife spends all her time out shopping for $300,000 dresses with her socialite friends and never says a word to him.
Here''''s a better one: Maybe he should "suspend" his run for the White House and save us voters the time of going to the polls and electing Sen. Obama as our next leader.
America needs a real leader. Obama is a real leader.
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Posted by copyat5 at 03:04 PM : Sep 25, 2008
McCain has tried to get Obama to debate at town meeting throughout the campaign, but Obama wouldn''t. Obama is the one that is scared because he want debate without prepared responses or teleprompters. Did you see Obama on O''Riely he could not speak and kept trying to change the subject, because no one wrote his answers.
McCains wife has her own money and owns most of the house everyone talks about, not McCain.
"The Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Clinton''s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae''s and Freddie Mac''s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001. Instead of looking at "outdated criteria," such as the mortgage applicant''s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit. Threatening lawsuits, Clinton''s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn''t a joke -- it''s a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices. Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn''t get out of their loans by selling their houses."
See who caused this problem, Democrats beloved President Mr. Bill.
posted by sueann702 at 03:10 PM : Sep 25, 2008
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Continue the illegal war in Iraq for an additional 70 minths?
He never did fully release his medical files; it was just a carefully stage managed viewing of thousands of documents by selected media for a very short period of time one day.
McCain does not look well!
Just after the September 11th terrorist attacks occurred, George W. Bush went before the nation and made the case that he needed unprecedented authority -- budgetary and military -- to take on the threats poised at the well-being and safety of the country.
Now with the current economic crisis in the United States, Bush is yet again asking for unprecedented powers and budget.
What happened after 9/11?
We saw no-bid contracts given to firms like Halliburton. We saw $9 billion of U.S. taxpayer money "go missing" through the Coalition Provisional Authority. We saw abuses of power, the expansion of secrecy, and the promulgation of norms that seemed to be the very antithesis of what America stands for.
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Posted by Salih-Ibn at 03:05 PM : Sep 25, 2008
700 Billion is no joke. Think of what we could of accomplished with this money-go after Bin Laden, improve our military, fix social security and healthcare ect.
He''s a war hero but afraid to battle Obama? He thinks voters are stupid enough to fall for that obvious political gimmick?
Then too, maybe we are too hard on him. Maybe he does not buy gas, or food, or school clothes, or pay rent or a mortgage note. There may not be one laptop in any of his 7 mansions and all the TV sets may be on the blink. Maybe his memory is shoter than a minute. Maybe his rich wife spends all her time out shopping for $300,000 dresses with her socialite friends and never says a word to him.
Here''s a better one: Maybe he should "suspend" his run for the White House and save us voters the time of going to the polls and electing Sen. Obama as our next leader.
America needs a real leader. Obama is a real leader.
George Bush and his cronies have driven the United States into precipitous debt, while the oil companies, the Blackwaters, Halliburtons and KBR''s have looted our nation''s treasury with non-bid contracts.
What is so vulnerable about the "Friedman Doctrine" is the fact that, left to their own mischief, the perpetrators of this economically unsound situation that Bear Stearns finds itself in are now looking to the American taxpayer to bail them out, at tremendous costs, while authors of the scam walk away, with much of their ill-gotten wealth intact.
Friedman and his followers in essence certainly did and do believe in a welfare state. It''s just that they apply it only to the nation''s wealthiest.
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Posted by lalabradle at 01:52 PM : Sep 25, 2008
1 trillion for the wars in the Middle East and almost 1 trillion to bail out greedy wall street. Enjoy the Republican''s version of Socialism taxpayers.
We could of been making healthcare and college affordable, improving our economy and fixing social security, instead have to pay for the war and wall street for years.
Posted by Tonyd_31
The reason there have been no investigations, is because the Democrats have no grounds and are just a responsible for our problems. If the Democrats had any grounds to impeach Bush, don''t you think Nazi Palosi would have done it?
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