John McCain scrambled this week to try to reverse Barack Obama’s growing momentum, as national polls showed the Democrat opening as much as a 13-point lead over his rival. On the stump, both McCain and running mate Sarah Palin largely abandoned attacks focused on Obama’s relationship with former ’60s radical Bill Ayers, pivoting instead to the faltering economy. McCain did continue a barrage of negative advertising, though Obama took advantage of his deeper coffers with quick responses, especially in swing states increasingly tilting toward Obama. Most analysts said the third and final presidential debate, scheduled to air as The Week went to press, offered McCain his best chance to change the race’s direction.
With the economy dominating voters’ concerns, both candidates released new economic plans to address the financial crisis. McCain’s plan is heavy on tax cuts, including halving capital gains taxes through 2010. But it also includes up to $300 billion in federal purchases of troubled home mortgages. Obama called for immediate tax cuts for families earning less than $250,000, and a $3,000 tax credit to businesses for each new hire.
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