This is a must-read Sean Trende column on why Obama's bandwagon strategy has demanded that he remain in the lead at every point in the campaign. I've been saying for months now that Obama's fundraising in particular - and even moreso, his ability to deter Romney from raising money from business - was hugely dependent on convincing business interests that Obama's regulators would still be calling the shots after the election and they should not feel safe about going all-in to be rid of him. This is also why Obama's team has gone nuclear in its attacks on individual polls that show cracks in his armor, moreso even than usual for political campaigns and much, much moreso than usual for campaigns that are ahead in most of the polls. The same goes for Obama's ability to draw huge turnout from young voters and other traditionally low-turnout groups.
Today's battery of good polling news for Romney (including a boost from Gallup switching from a registered-voter to likely-voter model) is far from proof that Romney will win the election, but it is a blow to the overwhelming narrative leading into the first debate that the race had already been won by Obama, and that any skepticism of polls assuming an overwhelmingly Democratic electorate was conspiracy-level crackpottery. At last check, the liberal-run TPM polling average had Romney up by 2.8 points, a wider lead than the 2.5 point lead Unskewedpolls.com was showing. The state-by-state polling may not be entirely caught up yet, but it usually lags; John McCain was clinging to swing-state polling for weeks after he fell behind for good in the big national trackers.
Republicans have been saying for weeks that this was still a close race. Today, the polls caught up to that. Obama may yet win, but he can no longer do so just by projecting inevitability, running out the clock and letting the media bury any story that threatened to help Romney under horse race coverage. Obama and Biden have been ducking tough questions - Obama does interviews on The View and music and sports radio, while dodging the White House press corps; since joining the ticket, Paul Ryan has done 197 interviews, while Biden in the same time has done 1. You can run like that when you're way ahead; you can't if you actually need to get a positive message of your own out.
There are three debates left to go (including the VP debate), which will let a national audience judge the campaigns for themselves, and despite Democratic dissatisfaction with Jim Lehrer's refusal to act as a gatekeeper running interference against Romney, it's unlikely that the moderators of the remaining debates can protect Obama and Biden from having to win those debates on their own.