McCain told reporters in New York he would return to the nation's capital on Friday to try to fashion a response to the crisis in the U.S. markets. U.S. Treasury Secretary Henry Paulson has proposed a $700 billion bailout that has met resistance in Congress.

After meeting with his economic advisers and others to discuss the administration's proposal, McCain said "it has become clear ... that there is no consensus" to support the proposal.

He said he notified Barack Obama of his decision and urged the Democratic nominee to do the same.

"If we do not act, every corner of our country will be impacted. We cannot allow this to happen," McCain said.

The Arizona Republican called on President George Bush to meet with congressional leadership from both chambers, along with Obama and himself on the matter.

"It's time for both parties to come together on this problem," McCain said. "We must meet until this crisis is resolved."

McCain said he also asked the Commission on Presidential Debates to delay Friday's debate between the two presidential candidates.

Campaign officials said Obama did not plan to suspend his campaign, CNN reported.

Aides to Obama told CNN that the Democratic candidate contacted the McCain camp Wednesday morning about the two candidates issuing a joint statement about principles they thought were necessary for any bailout plan.

White House spokeswoman Dana Perino said the administration welcomed McCain's announcement and and would welcome both candidates to work on the bailout measure in a bipartisan manner.