Obama has not closed the deal

Karl Rove:

In the campaign's final two weeks, voters will take a last serious look at both presidential candidates. The outcome of the race isn't cast in stone yet.

Barack Obama holds a 7.3% lead in the Real Clear Politics average of all polls, but the latest Gallup tracking poll reveals that there are nearly twice as many undecided voters this year than there were in the last presidential election. The Investor's Business Daily/TIPP poll (which was closest to the mark in predicting the 2004 outcome -- 0.4% off the actual result) now says this is a three-point race.

This week also brought a reminder that Sen. Obama hasn't closed the sale. The Washington Post/ABC poll found 45% of voters still don't think he's qualified to be president, about the same number who doubted his qualifications in March.

This is seven points more than George W. Bush's highest reading in 2000 and the worst since Michael Dukakis's 56% unqualified rating in 1988. It explains why Mr. Obama has ignored Democratic giddiness and done two things to keep victory from slipping away.

First, he is using his money to try to keep John McCain from gaining traction. The Obama campaign raised $67 million in September and may be on track to raise $100 million in October. Sen. McCain opted last month for roughly $85 million in public financing, giving him less than half of Mr. Obama's funds for the campaign's final two months. Even with robust Republican National Committee fund raising to augment his spending, Mr. McCain is at a severe financial disadvantage.

So Mr. Obama is spending $35 million on TV this week versus the McCain/RNC total of $17 million. Mr. Obama is outspending Mr. McCain on TV in Virginia by a ratio of 4 to 1, in Florida by 3 to 1, and in Missouri and Nevada by better than 2 to 1. The disparity is likely to grow in the campaign's final weeks.

Money alone, however, won't decide the contest. John Kerry and the Democrats outspent Mr. Bush and the GOP in 2004 by $121 million and still lost.

...

Mr. McCain's other adjustment is his schedule. His campaign understands the dire circumstances it faces and is narrowing his travels almost exclusively to Florida, North Carolina, Virginia, Ohio, Missouri, Colorado and Nevada. If he carries those states, while losing only Iowa and New Mexico from the GOP's 2004 total, Mr. McCain will carry 274 Electoral College votes and the White House. It's threading the needle, but it's come to that.

This task, while not impossible, will be difficult. By mid-September, the McCain camp was slightly ahead in the polls. Then came the financial crisis. The past month has taken an enormous toll on the McCain campaign.

Whether it can find the right formula in the next 19 days to dig out is a question. If Mr. McCain succeeds, he will have engineered the most impressive and improbable political comeback since Harry Truman in 1948. But having to reach back more than a half-century for inspiration is not the place campaign managers want to be now.

If the undecideds are more than the difference between Obama and McCain, then McCain has a real shot. They have been breaking against Obama most of the year because when it comes down to it, Obama has not earned their trust.

McCain appears to have broken through on the tax issue in last night's debate and that may give him some traction on the economic issues. I thought he also won the debate on the issue of energy. McCain was actually able to point out Obama's rhetorical tricks when Obama said he would "look" at offshore drilling. That is certainly less than a commitment and McCain called him on it.