Republican presidential candidate John McCain said on Thursday "time is short" to achieve a Wall Street rescue plan as he and Democratic rival Barack Obama headed to Washington to help broker a deal.
McCain said a deal must be achieved by the time financial markets open on Monday to avoid economic calamity in the United States.
He was speaking in remarks to a global problem-solving organization begun by former President Bill Clinton.
In a high-stakes move criticized by Democrats as a political stunt, the Arizona senator broke off from campaigning for the Nov. 4 presidential election against Democrat Barack Obama to return to Washington.
Aides made clear he did not plan to participate in a Friday night debate with Obama in Mississippi unless there was a deal on the Bush administration's proposal for a $700 billion bailout for the troubled financial industry. The administration has met resistance to the plan in Congress.
Obama has said the presidential debate, the first of three ahead of the election, must go on.
"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," McCain said.
In Washington McCain was to go to his Senate office and then attend a late afternoon White House meeting with President George W. Bush that will also include Illinois Sen. Obama and congressional leaders.
"It is difficult to act both quickly and wisely, but that is what is required of us right now. Time is short, and doing nothing is not an option," he said.
IMPROVING THE PLAN
In his speech, McCain laid out his principles for improving the stalled bailout plan offered by the Bush administration. He joined those leaders who believe Wall Street executives who benefit from the bailout fund should not get multi-million-dollar payouts.
"Let me put it this way: I would rather build a bridge to nowhere — and put it square in the middle of Sedona, Arizona — than take money from teachers and farmers and small business owners to line the pockets of the Wall Street crowd that got us here in the first place. And I can assure you: if I have anything to say about the matter, it's not going to happen," McCain said.
His bridge to nowhere comment referred to a proposed bridge in Alaska that became notorious as example of politicians seeking special federal funds for projects in their states, a practice McCain takes a strong stance against.
McCain also said a bipartisan board should be appointed to oversee the bailout, there must be a way for taxpayers to recover their money, and that the legislation must be negotiated and implemented openly with no extraneous spending items added.
Obama accused McCain on Wednesday of only recently taking a populist stance, saying his long-time opposition toward regulations had helped fuel the current financial industry crisis.
McCain, who has seen his slight lead in opinion polls over Obama evaporate in the last two weeks, sought to set himself above the political rough and tumble in his call for a bipartisan agreement.
"It is 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," he said.
