John McCain Declares 'Underdog' Status in Race Against Barack Obama

McCain Questions Obama's Experience, Candor as Election Day Nears

McCain, who has thus far resisted engaging in some of the political attacks more often seen from his surrogates or Republican vice presidential nominee Sarah Palin on the campaign trail, repeatedly hinged his first direct discussion of Ayers on Obama's primary rival, Sen. Hillary Clinton, D-N.Y.

ABC News' Charlie Gibson sat down in Milwaukee, WI, with Sen. John McCain on Thursday, Oct. 9, 2008....

ABC News' Charlie Gibson sat down in Milwaukee, WI, with Sen. John McCain on Thursday, Oct. 9, 2008. In the final weeks of the presidential race, "World News with Charles Gibson" hits the road to report from five cities in closely contested states across the Midwest for the "Great American Battleground Bus Tour."

(Donna Svennevik/ABC News)
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"Sen. Clinton in their debates said that the American people didn't know enough about him, including his relationship with Mr. Ayers. That's what she said. And I agree with that," McCain said, rejecting the suggestion that Obama has been "thoroughly vetted" over the course of a near two-year battle for the White House.

"Does he have the experience and the knowledge and judgment and has he made the right decisions?" McCain asked in the Gibson interview, "and has he told -- been candid with the American people? I think that's important."

"They certainly know me," McCain added, in reference to the American public.

Obama has rejected such a premise.

"The notion that people don't know who I am is a little hard to swallow," Obama told Gibson on Wednesday, "I've been running for president for the last two years. I've campaigned in 49 states. Millions of people have heard me speak at length on every topic under the sun. I've been involved now in 25 debates, going on my 26th. And I've written two books which any -- everybody who reads them will say are about as honest a set of reflections by, at least, a politician as are out there."

It's the Economy, Again

Obama suggested the McCain campaign's turn toward personal attacks is an effort to avoid discussing the ailing economy.

"Sen. McCain's campaign has been focusing on me primarily because they don't want to focus on the economy. And they've said as much. I mean, you've had their spokespeople over the last couple of days say if we talk about the economic crisis, we lose," Obama said.

But the economy was a top priority for McCain as world markets continue to struggle despite passage of a historic, $700 billion economic rescue package by Congress.

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"We are in a crisis of unprecedented proportions. And that's why I recommended strongly that we go out and have the Treasury buy up these bad mortgages, so and arrange it as they did during the Depression," McCain said, referring to a plan he proposed during the second presidential debate in Nashville on Tuesday.

"Sen. Clinton has recommended this," McCain said. "Buy up these mortgages. Let people have them in affordable payment levels. And put a floor on this continuing plummeting of housing -- of home prices. As long as that value continues down, I don't see a stabilization."

But McCain's plan has come under fire from both conservatives and the Obama campaign as one that rewards banks that knowingly provided the riskiest mortgages and bailing out irresponsible homeowners with the taxpayer's money.

"This is a crisis of unprecedented proportions. In many ways it's the same situation we faced in the Great Depression. . . . Right now should we be bailing out all these institutions? Or should we be helping the homeowner in America? We may have to do both, but I'd like to put the homeowner first," McCain said.

McCain's plan would cost an estimated $300 billion -- money, the Republican contender says that could be "part of the $700 billion [economic rescue package], [or] new money, if necessary."

Clinton spokeswoman Kathleen Strand reacted to word McCain had brought up the Clinton proposal in the interview, saying it was offensive to suggest his plan was the same as the Clinton plan. "In the debate, John McCain took credit for coming up with a idea about mortgages, calling it his own proposal. It's offensive to suggest the new McCain plan is what Senator Clinton proposed. She and Senator Obama are focused on helping struggling homeowners and holding bank lenders responsible. The Bush-McCain strategy to sit back and do nothing is wreaking havoc on our economy. Senator McCain's new plan calls for bailing out and rewarding irresponsible bank and mortgage lenders, while sticking taxpayers with the bill," Strand said in a statement.

Gibson asked how McCain would explain to voters why the country needs to buy up these mortgages as opposed to helping those struggling to pay their existing home mortgage.

"Because if your neighbor's home value continues to decline, so is yours. Your life savings -- and I appreciate that you were able to make your payments and struggles that you had. But if your neighbor's home continues to plummet in value and sits empty, then it's going to affect your home as well. So we're doing this for you as well. And hopefully we reach a floor on the home values, and yours and your neighbor's homes can increase in value," McCain said.