Sept. 24 (Bloomberg) -- John McCain said he and Democratic rival Barack Obama should suspend their presidential campaigns and delay Friday's scheduled debate to work with lawmakers on a plan for addressing the financial-markets crisis.

McCain said the Bush administration's proposal to rescue struggling financial companies and unlock credit markets won't pass Congress in its current form.

He said he will return to Washington tomorrow to join congressional deliberations, and won't participate in the debate unless there is a resolution by then. An Obama aide said the campaign prefers to go ahead with the debate.

``It has become clear that no consensus has developed to support the administration's proposal,'' McCain said in New York. ``We are running out of time.''

McCain said he spoke to Obama and ``asked him to join me.'' The Illinois senator's campaign said Obama spoke with McCain today to talk about issuing a statement together outlining their ``shared principles and conditions'' for a financial market bailout. Obama plans to address reporters later today.

Leadership Issue

``The suspension does bring the `ready-to-lead' issue back into focus for McCain,'' said Paul Light, a public service professor at New York University. ``Obama is damned if he does, damned if he doesn't.''

The Commission on Presidential Debates hasn't heard from McCain and doesn't have any information on possible changes, a spokeswoman said.

A $700 billion proposal for the government to buy up troubled assets of companies that was offered by President George W. Bush's administration has run into strong opposition in Congress from members of both parties.

Bush plans to address the nation at 9 p.m. Washington time on the financial crisis.

His spokeswoman said the president welcomed McCain's move.

``Bipartisan support from Senators McCain and Obama would be helpful in driving to a conclusion,'' press secretary Dana Perino said.

To contact the reporter on this story: Edwin Chen in New York at Echen32@bloomberg.net.

Last Updated: September 24, 2008 16:03 EDT