• This is a rush transcript from "The Journal Editorial Report," November 1, 2008. This copy may not be in its final form and may be updated.

    PAUL GIGOT, FOX HOST: Coming up next on the "Journal Editorial Report," the frantic campaign finish. John McCain and Barack Obama make their closing arguments as that crisscross the battleground states.

    From judges to healthcare to national security, we will tell you what's really at stake on Tuesday and the big differences between the two candidates.

    Plus, the other key races to watch. Will senate Democrats get their filibuster-proof majority that they've been waiting for?

    And our editors select the most memorable moments of the 2008 campaign.

    The "Journal Editorial Report" begins right now

    Welcome to the "Journal Editorial Report," I'm Paul Gigot.

    In a final frantic push, the presidential candidates are crisscrossing the battleground states this weekend returning to the themes that have marked their candidacies, with Barack Obama calling for change after eight years of George W. Bush, and John McCain challenging his opponents' credentials to lead the country in times of crisis.

    Obama spent the day in a Nevada, Colorado and Missouri, four states President Bush won in 2004. John McCain spent the day in Virginia and Pennsylvania, hoping to capitalize on what some polls show is a tightening in the final days of the race.

    Joining the panel this week, Wall Street Journal columnist and deputy editor Dan Henninger, editorial board member Dorothy Rabinowitz, opinionjournal.com columnist John Fund, and Washington columnist Kim Strassel.

    John, most of the polls, with a couple of exceptions, have this race at about six to eight percentage points for Obama going into this — three days out. Where do you see the race?

    JOHN FUND, OPINIONJOURNAL.COM COLUMNIST: Well, Republicans generally have a bit of a surge at the end of their races as issues clarify under real conservative lines. Also, those polls predict a certain turnout model. I think this race is a bit closer. It is clearly Obama's to loose and, more importantly, he is poised to win Colorado and Virginia from McCain. And even if he keeps Ohio and Florida, that would give the election to Obama. McCain can win, but he has to thread a needle.

    DAN HENNINGER, COLUMNIST & DEPUTY EDITOR: Well, he has to win Pennsylvania. It's going to be very hard.

    GIGOT: Which George Bush lost twice last time, relatively narrowly. Of course, Hillary Clinton beat Obama in Pennsylvania convincingly so McCain has been spending an awful lot of time there. What chances do you get him to give?

    HENNINGER: A chance. The reason is that Pennsylvania is politically a very volatile state. It's a big state, for one thing. You have urban areas in the east and urban areas in the west. Politically, it's very volatile. Since 2006, they had a propensity to throw out incumbents. So there's a kind of strange unhappiness in Pennsylvania that maybe could go in McCain's favor.

    GIGOT: Kim Strassel, you talked to the McCain campaign. Where are they pinning their upset hopes? What they tell you?

    KIM STRASSEL, WASHINGTON COLUMNIST: What they're looking at broadly is they're hoping to see some of what John was talking about, this national timing in the polls going down into the local polls. They are very encouraged by the fact that one out of seven voters, that is 18 million people, have not yet said who they will vote for on Tuesday. And they are really hoping that their goal is that this is going to have a real break toward John McCain in the end. That's what they look for.

    FUND: Pollsters say Barack Obama is almost a quasi-incumbent in the way polls are conducted. That means he has to get 50 percent or more in the polls to get a realistic chance of winning, because almost all of those undecided voters, if they waited this long, they probably won't go for Barack Obama because...

    GIGOT: Why not, John? Because is this campaign, at this stage, a referendum on Obama and his fitness to be president?

    FUND: Yes. That's what I identify as being a quasi-incumbent.