When John McCain and Barack Obama took their places at opposite ends of the White House cabinet table yesterday, the stakes included not only the fate of a stricken world economy but also that of their battle to succeed the man seated in the middle.

In the build-up to their talks with President Bush, both candidates were trying on the mantle of bi-partisan patriotism even while aides busily plotted a maze of mutual suspicion and political point-scoring.

The previous day, when Mr McCain had suggested this meeting, he pledged to suspend his campaign and seek a postponement of today’s presidential debate because it was more important he return to Washington to help broker a resolution.

And, before heading to Washington yesterday, Mr McCain used a speech in New York to declare: “I’m an old Navy pilot, and I know when a crisis calls for all hands on deck."

Democrats, infuriated by what they regarded as another theatrical stunt from an impetuous Republican nominee, appeared to relish the opportunity to steal his thunder by unveiling the outline deal on the bail-out package yesterday before the meeting began.

They calculated this would stop Mr McCain indulging himself in any more grandstanding at the White House. Mr Obama's spokesman, Robert Gibb, swiftly claimed that it had been the Democratic nominee who had done most to engineer a compromise that would ensure proper protection for taxpayers.

"The person who has demonstrated the calm, cool, collected leadership in this crisis has been Barack Obama," he said, adding that there could no longer be any excuse for Mr McCain to duck out of tonight's debate.

Democrats also highlighted an interview Mr McCain had given on Tuesday when he admitted to not having even read Mr Bush's proposed rescue plan. And, such was his concern for events on Capitol Hill, they added, he had not taken part in a roll call Senate vote since April 8 - an absence of more than five months.

But then it was the turn of Mr McCain's team. They pointed out that, with many Republicans still opposed to a deal that is being bitterly contested by free-market conservatives, there is still much work to be done.

Richard Shelby, the senior Republican on the Senate Banking Committee was first to emerge into the rain outside the White House after the meeting where he declared: “I don’t believe we have an agreement. I have voiced my concerns all along."

John Boehner, the Minority Leader in the House of Representatives, said: “I am encouraged by the bipartisan progress being made. However, House Republicans have not agreed to any plan at this point."

Mr McCain last night said he had never believed there was a deal in place and that, "as always the devil is in the details". But he said the meeting had been "important to move the process along...it gave us a renewed sense of urgency," adding: "I'm confident that we will reach a conclusion." Asked if tonight's debate would go ahead, he replied only that it "very possible we can get an agreement in time for me to fly to Mississippi".

Bill Clinton gave the Republican nominee some cover yesterday, saying he presumed the decision to suspend campaigning had been made “in good faith” and stressing that Mr McCain had previously asked for more debates.

But some Democrats suspect the opposition in Congress is being carefully orchestrated so that Mr McCain can seal an 11th hour deal later today. Others fear they are being set up to take the blame for the bailout. Nancy Pelosi, the House of Representatives Speaker, was yesterday understood to be alarmed that significantly fewer than a hundred Republicans are ready to vote for it.

Mr Obama said what happened to complicate the deal “is not exactly clear,” and that it was all “pretty frustrating.” He suggested both sides appeared ready to reach agreement before the White house meeting but “something happened in the intervening hours.”

The two candidates had issued a joint statement on Wednesday night, saying: “The plan that has been submitted to Congress by the Bush administration is flawed, but the effort to protect the American economy must not fail." Shortly afterwards Mr Bush addressed the nation on prime time TV to urge a quick resolution and warn: “our entire economy is in danger”.

But there are good reasons for both sides to be wary of a hasty agreement. For instance, a Treasury spokesman, asked why the $700 billion figure to buy up bad debt had been chosen, told Forbes Magazine: "We just wanted to choose a really large number."

Both Mr McCain and Mr Obama were remaining in Washington last night, where the unfolding drama at least ensured scant attention was paid to Sarah Palin's latest fumbled TV interview yesterday. Asked for specific examples of how Mr McCain had sought greater regulation of the banking industry she hesitated before eventually replying: “I’ll try to find some and bring them to you.”

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