In a statement, McCain said it was time for both parties to come together to solve economic crisis.

"I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself," he said.

Both McCain and Obama are senators.

It was not immediately clear how extensive the suspension he announced would be -- whether it would include dropping television advertising or just canceling scheduled appearances.

McCain's announcement came just hours before President George W. Bush was scheduled to address the nation on the troubled state of the US financial system -- a problem for which his administration has proposed a 700-billion-U.S.-dollar bailout.

However, Obama, who is in Florida preparing for the debate, said the debate should not be postponed.

He said his campaign and that of McCain were still working on a joint statement the bailout plan.

Americans need to watch a debate between him and McCain "now more than ever," Obama added.

"It's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess," Obama said.

"It is going to be part of the president's job to deal with more than one thing at once," he added.

Organizers of US presidential debates confirmed the Sept. 26 debate will go ahead.

The Commission on Presidential Debates, CPD, has notified University of Mississippi, the host of the Sept. 26 debate, to proceed as scheduled.