He tried to postpone a presidential debate that tens of millions of Americans were likely to watch. And when Obama said he would not accept the proposition, McCain risked appearing as though he was trying to wiggle out of a nationally televised debate that could have drawn added attention to an issue that many see as one of Obama's strengths.

A new Los Angeles Times/Bloomberg poll indicates that, by a 14-point margin, voters believe Obama has better ideas for strengthening the economy.

It was not clear whether McCain would continue to insist on postponing the debate. The Commission on Presidential Debates decided the first debate would proceed, leaving Obama aides to wonder whether viewers would be treated to a one-man show.

Obama, in a news conference, tried to turn the tables and suggest that McCain would "suddenly infuse Capitol Hill with presidential politics." And he seemed to mock him, saying that presidents "are going to have to deal with more than one thing at a time. It's not necessary for us to think that we can only do one thing and suspend everything else."

McCain faces an uncertain reception from Capitol Hill Republicans, who are divided over whether to side with an unpopular GOP president or stand against what many see as a big-government bailout.

By the time Bush finished his address to the nation late Wednesday, in which he warned of "financial panic" if a deal was not reached, it seemed that conditions would make it hard for McCain or Obama to capitalize on the crisis. Republicans and Democrats called for cooperation to complete a deal within days.

After watching venerable Wall Street firms crumble after placing bad bets on risky mortgages, Washington's top politicians seemed to find their own version of a safe haven: a tacit agreement to spread the risk of forging a rescue plan just 40 days before a national election.

The day's head-spinning events began about 8:30 a.m. on the East Coast, when Obama, who was campaigning in Florida, called McCain in New York to suggest that the two rivals reach agreement on a joint statement of principles for any Wall Street bailout.

McCain was meeting with economic advisors, including former EBay Chief Executive Meg Whitman and former Massachusetts Gov. Mitt Romney. Obama left a message with his phone number.

Later in the morning, Obama spent several hours in debate preparation at his hotel in Clearwater -- keeping a phone with him in case his opponent called.