By 10 p.m. Thursday, negotiations on the $700 billion Wall Street bailout between leading Democratic and Republican lawmakers in Washington, D.C. had unraveled. The talks were scheduled to resume Friday morning.

Democrats blamed Republican Representatives for the stalemate, saying the Republicans said the $700 billion plan to aid ailing financial institutions would be too costly for taxpayers.

At the request of President George W. Bush, presidential candidates Barack Obama and John McCain met at the White House Thursday afternoon, along with Vice President Dick Cheney, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and other top bipartisan officials to agree on principles of the bailout.

However, Alabama Senator Richard Shelby of the Senate Banking Committee made an announcement around the meeting's end that the proposed plan was flawed and not satisfactorily explained by the president and treasury secretary.

John McCain's campaign said the Arizona senator did not attack any proposals or endorse a plan.

Republican campaign officials went on to say the Democrats allowed Barack Obama to control their side of the meeting, resulting in shouting matches between both sides of the aisle.

A bipartisan group of Congressman made a premature announcement earlier Thursday, in which they said that Capitol Hill had reached a compromise.

Instead of giving Wall Street $700 billion up front, like the president requested, they proposed that $250 billion be provided immediately. Another $100 billion would be given if the treasury secretary deemed necessary. The final $350 billion would have to be voted on by Congress.

"We've obviously got to talk to our respective leadership as well, but we're very confident that we can act expeditiously, we think we've done a good job at arriving at that kind of consensus," said Democratic Connecticut Senator Chris Dodd.

Before heading to the economic summit in Washington, D.C., McCain and Obama addressed the annual summit of the Clinton Global Initiative in New York City Thursday morning – calling on lawmakers to work together to solve the financial situation.

During his speech, McCain renewed his call to suspend campaigning until the crisis is fixed.

"I'm an old Navy pilot, and I know when a crisis calls for 'all hands on deck,'" said the Arizona senator. "That's the situation in Washington at this very hour, when the whole future of the American economy is in danger."

Wednesday, he pulled all of his ads and asked Obama to delay Friday's first presidential debate.

"The debate that matters right now is in the United States Capitol and I intend to join it," he said.

Later, McCain discussed the rising cost of energy and the need to find sustainable power sources.

Obama also addressed the summit, via satellite.

He joined McCain in urging Congress to act quickly on the bailout plan. But Obama said the presidential debate should go on as scheduled.

"Our economy is in crisis, and our nation is fighting two wars abroad," said Obama. "The American people deserve to hear directly from myself and Senator McCain about how we intend to lead our country. The times are too serious to put our campaign on hold."

Former President Bill Clinton praised both men. He highlighted McCain's record on the environment and pointed to a conversation he had with Obama earlier this month

"For an hour-and-a-half, 80 percent of the conversation had nothing to do with politics and everything to do with the responsibilities of the next president," said Clinton.

The former president said Americans should learn their lesson from the current financial crisis.

"We spent the first five years of this decade where the only really growing sector of our economy was housing, had there been other competing claims on investment dollars, we would have had more opportunities," said Clinton. "I think the most important one of those completed claims going forward should be energy."

The Clinton Global Initiative runs through Friday.
The organization raises millions of dollars and directs the money around the world to a variety of programs – everything from anti-poverty and education initiatives to a new program to help endangered gorillas in Africa.

On Thursday, veteran newsman Tom Brokaw helped lead a discussion that included Israeli President Shimon Peres, Texas billionaire T. Boone Pickens, and San Francisco Mayor Gavin Newsom.

Republican vice-presidential nominee Sarah Palin also attended the summit, although she did not speak.

Palin also paid a visit to the World Trade Center site and, in a rare moment, addressed the media.

"I wish every American would come through here," she said. "I wish every world leader would come through here. And understand what it is that took place here."

Meanwhile, according to a survey released Thursday, most voters in the country want the debate to go on despite McCain's proposal.

Fifty-three percent of those polled by Marist College agree with Obama that the debate should be held as planned, while 42 percent say it should be postponed.

Forty-eight percent think the theme of the debate should shift from foreign policy to the economy.

Nearly half of voters surveyed think Obama will win the debate no matter what is talked about. Thirty-seven percent think McCain will emerge the victor.

Mississippi Governor Haley Barbour was optimistic Thursday that both candidates will show for Friday's debate, which will be held at the University of Mississippi.

"Am I going to show up? Sure I'm gonna show up. I can't think of a bad day to be at Ole Miss," said Barbour. "I expect that debate will happen tomorrow night, yeah, between the two candidates for president."

The institution said it invested a large number of resources and money for the big event.