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

McCain Calls for Calm Amid Historic Economic Crisis

McCain defended the need for swift action on the economy but had sharp words for those taking credit for the the economic rescue plan, which he referred to as a "bailout."

"Because of the corruption and cronyism in Washington, no one acted. And it's fascinating to me that the same people that are taking credit for the bailout, the Democrats, [Sen.] Chris Dodd, [Rep.] Barney Frank and others, were defending Fannie and Freddie and the corrupt practices they were doing. I'll tell you. Life's funny," McCain said.

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McCain called Freddie Mac and Fannie Mae -- mortgage lenders now owned by the government -- "the catalyst for this catastrophe," but said now is the time for measured leadership.

"I've never been accused of a lack of passion," McCain told Gibson in their exclusive interview, "But the point is [the American people] also want firm, solid, measured, mature leadership. Franklin Delano Roosevelt didn't go on the radio and start yelling. He assured the American people. Right now the American people need seasoned and experienced leadership. That's what I offer."

Gibson challenged McCain on whether either candidate has been able to effectively sell their economic message in a clear, concise way.

"Americans' faith and confidence is shaken," McCain said. "I think I saw a poll where five-percent of the American people think that they are -- that the country's on the right track. They must be the short sellers. I haven't met anyone else. Look, the American people are -- I don't like to use the word fear because Americans by nature know we can overcome any challenge. But they're very badly shaken out there."

"And Senator Obama wants to raise -- increase spending by $860 billion," McCain continued. "He wants to increase the taxes on 50 percent of small business income. He's been all over the place on all of his tax proposals. I have the experience and the knowledge and the judgment to make the right decisions, including on reigning in the growth of government."

The Arizona senator would not comment on whether his campaign had been hurting by weeks of bad economic news.

"I don't know, Charlie. I think by offering wise solutions and providing mature leadership that it'll redound in my behalf," he said.

But there is no question Obama's growth in national polls as well as in key battleground states has coincided with the economic crisis.

"I'm not going to complain about the hand I'm dealt, my friend. We're coming up with solutions. We're trying to give the vision and leadership for the American people. And I'll accept their judgment," he said.