According to a story at the Huffington Post, the Obama camp still expects McCain to attend the debate; if he doesn't, Obama will head to Oxford anyway and hold a town-hall meeting:
In McCain's absence, the Senator is willing to make the scheduled debate a townhall meeting, a one-on-one interview with NewsHour's Jim Lehrer, or the combination of the two, the official said.
Such a course of action could make life incredibly difficult for McCain, who has called for the suspension of the debate in light of the current economic crisis. Should he stay in Washington D.C. -- if a bailout is not completed by then -- and let Obama alone reach tens of millions of television viewers?
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