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NEW YORK (AFP)--John McCain voiced confidence a deal on a Wall Street bailout could be sealed before markets open Monday, saying his 'old navy pilot' insticts told him to suspend his White House bid amid the crisis.
The Republican presidential candidate said he couldn't stay on the campaign trail as normal while the future of the U.S. economy was at stake, before heading back to Washington for an unprecedented White House summit.
Despite indications in Congress that the pieces may be falling into place for a deal between Republican and Democratic lawmakers and the White House, McCain said it was clear there was still not consensus.
But he added: "I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people."
"I'm an old Navy pilot, and I know when a crisis calls for all hands on deck," McCain said in a speech to the annual meeting of former president Bill Clinton's Global Initiative foundation.
"That's the situation in Washington at this very hour, when the whole future of the American economy is in danger," McCain said ahead of the White House talks also including his Democratic foe Barack Obama and congressional leaders.
Democrats have accused McCain of throwing himself into high-stakes congressional negotiations on the $700-billion bailout in a desperate attempt to turn around a campaign sagging in the polls.
But the Arizona senator said "it's time for everyone to recall that the political process is not an end in itself, nor is it intended to serve those of us who are in the middle of it.
"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," McCain said.
"As of this morning I suspended my political campaign. With so much on the line, for America and the world, the debate that matters most right now is taking place in the United States Capitol - and I intend to join it.
"Senator Obama is doing the same. America should be proud of the bipartisanship we are seeing."
"In the Senate of the United States, our duty is to serve the people of this country, and we can serve them best now by putting politics aside and dealing in a focused, straightforward, bipartisan way with the problem that's at hand."
"For the Congress, this is one of those moments when poor decisions made in haste could turn ... into disaster," McCain said, warning that: "history must not record that our leadership ... was unable to put aside politics."
After his speech, McCain was jetting back to Washington for unprecedented White House talks with President George W. Bush, Democratic candidate Barack Obama and senior congressional leaders on the bailout.
McCain called for five changes to the bailout plan as it is currently framed, including improving oversight provisions and curbs on taxpayer funded payoffs for Wall Street executives.
In a dramatic gambit on Wednesday, McCain said he was putting his campaign on hold and called for Friday's night's first presidential debate to be delayed.
Obama said the debate should go ahead, but agreed to a call by President George W. Bush to return to Washington to take place in the finance summit.
-Dow Jones Newswires; 201-938-5500
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(END) Dow Jones Newswires
September 25, 2008 10:28 ET (14:28 GMT)
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