McCain Suspends Campaign, Shocks Republicans

Obama, taken by surprise by McCain's announcement, says the debate should go on.

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Rogers was among those questioning what McCain can actually do when he heads back to the nation's capital. "The sentiment on the Hill is that by 3 o'clock Saturday afternoon, a package is going to pass," he said. "It's going to be unpopular but probably necessary. And I don't know what McCain is going to do when he comes back here--he really doesn't have any jurisdictional authority over this matter."

Obama said that he and McCain "agreed that this is a critical time to come together. The risk of doing nothing is economic catastrophe." The principles Obama said he'll insist on include an independent oversight board, no money to CEOs of failed institutions, and help for Americans "struggling to stay in their homes."

The Commission on Presidential Debates has notified the University of Mississippi, the location of the debate, that for now the debate will proceed as scheduled.