John McCain's Remarks on the Economic Crisis
New York, NY
Wednesday, September 24, 2008
America this week 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.
Last Friday, I laid out my proposal and I have since discussed
my priorities and concerns with the bill the Administration has put forward.
Senator Obama has expressed his priorities and concerns. This morning, I met
with a group of economic advisers to talk about the proposal on the table and
the steps that we should take going forward. I have also spoken with members of
Congress to hear their perspective.
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.
Tomorrow morning, I will suspend my campaign and
return to Washington after speaking at the Clinton Global Initiative. I have
spoken to Senator Obama and informed him of my decision and have asked him to
join me.
I am calling on the President to convene a meeting with the
leadership from both houses of Congress, including Senator Obama and myself. 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.
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. All we must do to achieve this is temporarily
set politics aside, and I am committed to doing so.
Following September
11th, our national leaders came together at a time of crisis. We must show that
kind of patriotism now. Americans across our country lament the fact that
partisan divisions in Washington have prevented us from addressing our national
challenges. Now is our chance to come together to prove that Washington is once
again capable of leading this country.
I wish I could see the suspension of his campaign as anything but a well-timed political move.