The maverick’s suspension of his campaign hits a new snag as House Republicans propose an alternative to the bailout.

McCain’s bravura is belied by his institutional and political weakness. He’s not on any major committee that deals with the economic crisis. (Unless you believe his assertion that the commerce committee “oversights every part of our economy.” It doesn’t.) This morning, McCain cheerleader Lindsey Graham said that a deal “won’t be done by yelling or by press conference, and that’s why John is here.” But McCain’s like a dinner guest who arrives to a restaurant after everybody has already discussed what they’re ordering but then tries to order for the table anyway. In the Senate, Chris Dodd, Chuck Schumer, and Richard Shelby have been the main players, primarily because they’re all high-ranking members of the banking committee. McCain hasn’t shown up for a roll call vote in five months. (Obama hasn’t showed in two.) Nor has he demonstrated much proficiency on these issues.

This entire stunt is meant to unchain McCain from an issue that was destined to handcuff him. Approving a $700 billion expenditure of taxpayers’ money is a tough pitch to sell. The few polls on the issue have shown mixed signals, but it’s clear there isn’t an overwhelming consensus that the government should bail out Wall Street. In the wider context, McCain has strived to distance himself from President Bush’s free-spending administration, and stretching the deficit cap by $700 billion would feel like more of the same. Economic conservatives, led by ideological standard-bearer Newt Gingrich, can’t abide any spending of taxpayer dollars. Given the lingering mistrust of McCain on taxes and political fundraising, McCain’s support for any bailout could risk a loss of votes to Libertarian Bob Barr. Last night’s new House Republican seven-point plan, which they say will restore stability using an insurance model, without spending hundreds of billions of taxpayer dollars, passes the conservative smell test. But stopping a bailout could be even more disastrous if the credit markets seize and the economy goes limp between now and Election Day.

Perhaps tonight we’ll actually hear McCain’s views on major questions of public policy. We don’t know what he thinks about the House Republican plan. Or the Paulson plan. Despite Wednesday’s call to action, McCain still hasn’t clarified what his bailout position is. Rather than make a decision on the mega-bailout himself, he was going to try to help everybody else come to a decision. And now he’s going to the debate, like a starting pitcher who leaves the game five innings in and the game still tied, with no decision. (Reliable middle reliever and GOP House Whip Roy Blunt is now, according to reports, on the mound actually leading the negotiating on details.)

Regardless, McCain can’t shed the self-appointed mantle he’s taken. He is now acting the role of the major player despite not partaking in the Paulson and Bernanke testimony and despite a demonstrated lack of nuanced economic knowledge. Because of these deficiencies and his previous inaction, expect McCain’s role to be limited behind the scenes but bold in front of the cameras. Considering McCain’s past thumb-twiddling, that dynamic may suit him just fine. Most Republicans will watch McCain for signals, and he may lead them into yet more uncharted waters. After all, who knows what game-changing debate bombshell McCain may be ready to fire?

Note: This is an update of an earlier article, “McCain Bails,” which ran in The Big Money on Wednesday.

(Photo of John McCain by Jonathan Ernst/Getty Images)