With the market down it makes more sense to invest more, not less: buy low sell high and all that. Having said that, it really depends on the nature of your debt. If you have $20k in credit card debt at 19% then by all means pause your contributions and pay it off faster. But don't stop saving for retirement for something like a 4% auto loan, unless you're having trouble making payments.

And regardless, keep contributing enough to get any match you may qualify for.