I've only been listening to the radio off and on today, but the latest read I've gotten is: McCain wants to fix this financial kerfuffle and postpone the debates - Obama wants to watch the other guys fix it, and keep the debate schedule.
The somewhat amazing James Taranto's take:
Early reports are that Obama wants the Friday debate to go on. Of course, that can't happen without McCain's cooperation--but Obama can, and will, claim McCain is chickening out. The only way McCain can counter this is by showing some real leadership over the next couple of days. Then the question will be whether Obama is capable of doing the same.
Me, I'm thinking someone in the McCain campaign already has the speech written: "Sorry to hear that Obama thinks we're chicken, tell you what, lets double the number of debates and do town-hall meetings as well." It's the O side that wanted to limit debates to just the one set. If they step out of line, I say call their bluff.