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Republican presidential nominee John McCain [Images] on Wednesday decided to suspend his campaign to focus on the economic crisis looming over the United States. He has also sought postponement of Friday's presidential debate over the issue.

In a statement to the media, McCain said: 'America faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy.

'People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen. Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative.'

Urging President George Bush [Images] to convene a meeting with the leadership from both Houses of Congress, including Democratic presidential nominee Barack Obama [Images] and himself, McCain said: 'It has become clear that no consensus has developed to support the Administration's proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time. It is time for both parties to come together to solve this problem.

'We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.'

Obama, who is in Florida [Images], will make a statement shortly in response to the McCain announcement, said the Washington Post.