Money markets seized up once more yesterday amid deepening uncertainty about whether the US Congress will approve the Bush administrationÂ’s $700bn financial rescue plan and whether revised proposals would restore confidence. The flagging state of the markets compelled John McCain, the Republican candidate for president, to announce a suspension of his campaign, and to ask for a postponement of Friday nightÂ’s scheduled debate with Barack Obama, his Democratic opponent. US money market funds sitting on thousands of billions of dollars in assets led the stampede to safety, buying short-term government debt, selling commercial paper and withdrawing funds from the interbank...
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