CNN is reporting “John McCain suspends campaigning to work on economy, requests postponing Friday debate; asks Obama do the same.”

McCain is returning to Washington and urging the President to convene a session with the leadership of both Houses of Congress as well as himself and Senator Obama.

Update: The Associated Press is now reporting:

Republican John McCain said Wednesday he is directing his staff to work with Democrat Barack Obama’s campaign and the presidential debate commission to delay Friday’s debate because of the economic crisis.

In a statement, McCain said he will stop campaigning after addressing former President Clinton’s Global Initiative session on Thursday and return to Washington to focus on the nation’s financial problems.

McCain said he wants President Bush to convene a leadership meeting in Washington that would include him and Obama.

“It has become clear that no consensus has developed to support the administration’s proposal,” McCain said. “I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.”

McCain said if Congress does not pass legislation to address the crisis, credit will dry up, people will no longer be able to buy homes, life savings will be at stake and businesses will not have enough money

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

McCain said he has spoken to Obama about his plans and asked the Democratic presidential nominee to join him.

The Obama campaign said Obama had called McCain around 8:30 a.m. Wednesday to propose that they issue a joint statement in support of a package to help fix the economy as soon as possible. McCain called back six hours later and agreed to the idea of the statement, the Obama campaign said. McCain’s statement was issued to the media a few minutes later.

“We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved,” McCain said. “I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.”

Jonathan Martin has more of the release adding from McCain:

“I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people,” he predicted. “All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.”

McCain compared the financial crisis to 9/11, saying national leaders must work together to find a solution.

“We must show that kind of patriotism now,” McCain said. .

McCain was meeting with Mitt Romney and others today to discuss the bailout.

The AP says others talking to McCain this morning were former eBay CEO Meg Whitman, Cisco Systems CEO John Chambers, and John Thain, the CEO of Merrill Lynch before it was bought by Bank of America earlier this month in one of a series of buyouts and bankruptcies on Wall Street.