McCain is suspending his campaign, and calls for the debate to be rescheduled.
There are two things behind this, one of which Ben Smith points out:
Both candidates have been marginal players; McCain, though, seems to have the potential to make himself a major one, and his move is a mark, most of all, that he doesn’t like the way this campaign is going.
The other thing this does is allow McCain to stretch out his campaign spending. Obama should say no deal, but I don’t really see how the campaign can continue if McCain doesn’t want to play. He should, however, be made to pay a price for this.