Behind McCain's Decision to Suspend His Campaign

Sen. John McCain's surprise announcement that he would temporarily suspend his campaign to return to Washington to help broker a deal to save the financial industry is the latest in a series of political gambits surrounding the financial crisis on Wall Street, and is sure to reshape political calculations and voter attitudes around the volatile issue.

The move is an obvious attempt by McCain and his campaign to paint the Arizona senator as above politics, willing to put aside his campaign for the good of the country.

It comes as two new national polls -- including one conducted by the Washington Post -- show McCain slipping in the head to head matchup against Barack Obama due in large part to voters' willingness to trust the Illinois Senator to solve the financial problems of the country.

The McCain campaign believes that their candidate is at his best when he is seen as a deal-maker, willing to reach across party lines to get things done for the good of the country. This economic crisis, they believe, provides McCain a chance to show the sort of leadership that voters value in the Arizona senator.

"John McCain's leadership and experience credentials outrank Barack Obama's," said Sarah Simmons, a McCain campaign strategist, this morning. "[We are] walking through a crisis and people are looking to see how it is going to be handled."

Nancy Pfotenhauer, a senior policy adviser to McCain, echoed that sentiment in an interview moments ago with Fox News Channel. "Senator McCain's entire life is a testimony to putting his country first and that's what he is doing right now," said Pfotenhauer.

McCain's gambit puts Obama in a tough place. Agree with McCain's call to suspend the campaign and Obama looks like a follower, not a leader. Reject the move and Obama runs the risk of losing the high ground on post-partisanship and the need to change the way Washington does business.

Bill Burton, a spokesman for Obama, released a statement moment ago explaining their campaign's approach to the matter.

Burton wrote:

"At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal. At 2:30 this afternoon, Senator McCain returned Senator Obama's call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details."

Obama is expected to speak shortly about the matter but some of his Senate colleagues have already denounced McCain's decision. "We need leadership; not a campaign photo op," said Senate Majority Leader Harry Reid (Nev.) in a statement released this afternoon.

Both McCain and Obama have struggled to deal with the real-time challenges of the economic crisis since it emerged on the national political landscape last weekend. Neither man is particularly well versed in the intricate complexities of the economy and have been cautious to announce their support (or opposition) to the proposed $700 billion bailout of the financial firms being pushed by the Bush Administration.

McCain appeared to be getting the worst of the exchanges on the economy -- if recent polling is to be believed.

In a new Washington Post/ABC News survey released today, Obama led McCain 52 percent to 43 percent, an edge largely built on the increase in the number of voters who believe the Illinois Senator is best positioned to handle the economic crisis. A survey also released today from Fox News/Opinion Dynamics showed Obama with a 45 percent to 39 percent lead -- a significant improvement from a poll done by the same organization earlier this month that put McCain ahead by three points.

The move was announced in a statement in New York City this afternoon in which McCain also proposed a suspension of the presidential debate set for this Friday in Oxford, Mississippi and said he was pulling his campaign ads down and canceling all fundraising beginning tomorrow. The announcement came just hours before President George W. Bush is preparing to address the nation at 9 pm tonight on the economic crisis.

"Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative," McCain said. "I have spoken to Senator Obama and informed him of my decision and have asked him to join me."

McCain went on to compare the current crisis in the financial markets with the attacks of Sept. 11 and called on politicians to draw on the bipartisan spirit created during those times in order to solve the economic problems of the country today.

"Following September 11th, our national leaders came together at a time of crisis," McCain said. "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."

McCain's move shows that his campaign is not willing to watch idly by as the economic issue pushes the needle in Obama's direction. The ball is now firmly in Obama's court.