Reid Changes Mind, Obama Stays Away

Senate Majority Leader Harry Reid (D-NV) reacted to Sen. John McCain's surprise decision to suspend his campaign and return to Washington to participate in the Wall Street bailout negotiations with an impolite "thanks but no thanks." Late this afternoon, Reid said that McCain's presence, "would not be helpful." But just yesterday, a nervous Sen. Reid reportedly told the White House that securing McCain's support for the eventual bailout package would be crucial to completion of the bill. In other words, Sen. Reid was for McCain's direct involvement in the process, before he was against it.

The McCain campaign fired back late today, accusing Reid of putting politics before policy.

"While Senator McCain has suspended campaigning in order to return to Washington and lend his assistance to the negotiations now underway on Capitol Hill, Senator Reid has put out a statement informing McCain that his presence would 'not be helpful.' In fact, this is quite a reversal from yesterday, when Senator Reid told reporters 'We need the Republican nominee for president to let us know where he stands and what we should do.'

Unfortunately, Senator Reid is putting partisan politics ahead of the business of the American people. But there should be no mistake: 24 hours ago Reid and his Democratic colleagues on the Hill couldn't have been more desperate for Senator McCain's help in resolving this crisis. Now they've got it."

For his part, Sen. Barack Obama has decided that his participation in the negotiations is neither important nor necessary. Obama will remain in Florida, where he is preparing for Friday's scheduled debate with McCain on foreign policy. Officially, the Obama campaign's position is that Sen. Obama can handle both the economic situation and the debate at the same time. But that rhetoric doesn't match the campaign's actions in choosing to forgo participating in the business of the country in favor of preparing for the debate.

McCain's presence in Washington for the negotiations is needed because he is the recognized leader of the Republican Party. His influence with his Republican colleagues will go a long way toward determining whether a bailout is passed and what the legislation will say. In addition, as a potential presidential inheritor of the package passed by Congress, McCain's input on the parameters of any deal are critical. Conversely, it speaks volumes about Sen. Obama, and the Democratic Party's view of his leadership status, that Democrats in Congress believe that they are just as well off without his participation. Politically, this is a huge risk for McCain. He must produce results on a package, and that package must help the situation. But there is no reward without risk, as Sen. Obama may soon find out.