INSIGHT INTO BAIL-OUT

ABC-THE NOTE:

Some gambles go bust: John McCain's bold decision to head to Washington now jeopardizes both the critical bailout bill and the crucial first presidential debate, as Republican objections create a political thicket for the GOP nominee, ABC News' senior political reporter Rick Klein writes in Friday's Note, from Oxford, Miss. Barack Obama will be there regardless -- even if he's the only candidate on stage.

OXFORD, Miss. -- Sen. John McCain may or may not have broken the bailout bill -- and surely he didn't do so all by himself.

But he owns it now.

In the battle over perceptions, it really is this simple: There was a deal before McCain came back to Washington. There was not a deal by the time the evening ended. And now there might not be a bill -- or a first presidential debate Friday in Mississippi.

Holding that very heavy bag are McCain and his GOP colleagues in Congress. Steve Schmidt gets his wish: McCain is in the middle of the action -- amid friendly fire, political gamesmanship, competing loyalties, reelection fights, and a White House with no juice left.

Oh yes, the debate.

We know that at least half of this strange non-team that saw the bailout bill go from done deal to just plain done Thursday at the White House will be making the trip to Ole Miss.

Sen. Barack Obama's A team is already in Oxford, Miss., for a debate that would be fraught with symbolism and historical significance even if its very existence wasn't still in doubt.

ABC's George Stephanopoulos: "If McCain fails to show up, officials are mulling turning the first presidential debate into a town hall meeting where the Democratic presidential candidate takes questions from the audience and from the debate moderator PBS's Jim Lehrer."