Congressional delegation to stay in Washington

Maine’s three members of the Congressional delegation up for reelection said they plan to stay in Washington until the financial crisis is resolved.

Republican presidential candidate John McCain announced today that he was suspending all campaign activities because of the crisis, and suggested postponing the debate with Democratic candidate Barack Obama until it is resolved.

U.S. Sen. Susan Collins (R-Bangor) was the only one to release a formal statement. She said she sent a letter to Senate leaders urging them to stay in session until a solution is found. She wrote:

“America faces a financial crisis that threatens homeowners with sub-prime mortgages, those trying to save and invest for retirement, and small businesses that need credit to grow, as well as the stability of our national banking and investment system.  This is a far-reaching problem that will increasingly affect Main Street businesses and families, not just big banks and Wall Street firms. The Administration and Congressional leaders of both parties agree that effective emergency action is necessary to reopen access to credit and forestall a collapse that could spread havoc throughout the economy, but there is substantial disagreement on how to address the financial crisis.  Congress should not simply “rubber- stamp” the Administration’s sweeping $700 billion plan but rather give it careful consideration and review alternatives that could lessen the ultimate burden on taxpayers.”

Collins’ opponent, U.S. Rep. Tom Allen (D-Portland) said Allen has been in Washington all week dealing with the crisis, communications director Carol Andrews said. Michaud also will be in Washington until Congress is adjourned.