Fate of debate decided today?

John McCain and Barack Obama pledged Wednesday night to stop playing political games with the Wall Street crisis.

So they're playing a game of political chicken instead.

McCain is suspending his presidential campaign this morning to return to Washington and help hammer out a compromise on the $700 billion bailout. He is calling for a delay in the first presidential debate, set for Friday night at the University of Mississippi.

"The debate that matters most right now is taking place in the United States Capitol and I intend to join it," the Republican told a conference hosted by former President Clinton in New York -- what is supposed to be his last campaign event until a deal gets done.

"The whole future of the American economy is in danger," McCain added, saying under these circumstances, he can't keep campaigning.

But Obama is insisting that the debate go forward, saying the next president should be able to do the political equivalent of walk and chew gum at the same time.

Obama, speaking by satellite to the same conference, said he still plans to travel to Oxford, Miss., on Friday for the debate.

Withe election only 40 days away, the economy in crisis, and the country fighting two wars, the American people deserve to hear from the presidential candidates, he said.

"The times are too serious to put our campaigns on hold," he said.

Obama repeated the changes he wants made to the bailout package: an independent oversight board, help for struggling homeowners, no reward for CEOs who caused the problems.

He said congressional leaders "appear close to a deal that includes these principles," said he was pleased that he and McCain were able to issue a joint statement Wednesday night outlining them, and said he is happy to return to Washing to offer his help.

Both Obama and McCain will be meeting with congressional leaders and President Bush at 4 p.m. today.

Obama's campaign, meanwhile, is continuing its activities today. His running mate, Joe Biden, plans community gatherings in Greensburg and Wilkes-Barre, Penn. The Obama campaign plans a conference call with three Nobel laureates to unveil its science and innovation plan. And it will hold a conference call with actress Eva Longoria and Congresswoman Hilda Solís of California on Latino voter registration and women’s issues.

And the Obama camp isn't missing a beat in terms of getting in digs. Soon after McCain's speech, spokesman Bill Burton sent reporters an email contrasting what McCain said about the lack of consensus and "running out of time" to reach agreement, with a news report that a deal is close.

But the fate of the debate will be hanging over the day.

With the Commission on Presidential Debates moving ahead, Gloria Kellum, a vice chancellor at the university, said university officials are checking with the commission hourly on the debate.

She told CNN that $5.5 million in private money was raised to put on the debate, and everything is in place.

Would McCain really risk having an empty chair at the table Friday night?

Mississippi Governor Haley Barbour, a former chairman of the Republican National Committee, gave no hint that he expects a postponement.

"This is going to be a great debate tomorrow night," he told reporters just after noon. "We're excited about it."

The nonpartisan League of Women Voters, which used to sponsor presidential debates before the bipartisan commission took over the duties, also called today for the debate to happen.

"We applaud Senators Obama and McCain, as well as the Administration and Congress, for their sincere efforts to arrive at an agreement that will simultaneously help our financial institutions regain solid ground and bring relief to the millions of Americans who are at risk of losing their homes and jobs,” League president Mary Wilson said in a statement.

“However, in doing so, the candidates must also make good on their pledge to speak openly and candidly with American voters. The best way to do that is to move ahead as scheduled with tomorrow’s presidential debate. This is not a time for the candidates to hide behind the marble walls of the Capitol building; this is a time for them to stand before all of us and have a frank discussion about the challenges we face as a nation.”