CNBC.com

We’ve become accustomed to calling this an age of parity between the two parties. But republicans and democrats enter the election homestretch a study in contrasts--of philosophy, strategy and confidence.

Democrats view the Wall Street bailout as what Barack Obama calls "the final verdict" on the free-market ideology that has dominated American politics for a generation. Most Republicans condemn it as a betrayal of that ideology.

Obama Democrats press for Washington activism to regulate financial institutions, augment the health insurance system, and redistribute income through the tax code.

McCain Republicans seek to direct voters' unhappiness toward Washington's corruption rather than its underlying priorities, and raise doubts about Obama personally. Obama is targeting "red" states for president, while Congressional Democrats aim for larger House and Senate majorities to enact their policy agenda.

John McCain seeks a narrow victory from a shrinking target list, while some congressional Republicans have begun viewing his defeat as a step toward political renewal.

As the party identified with government, Democrats have long been on the defensive as the Republicans’ free-market economic policies held the upper hand.

• The Bailout Bill Battle On Capital Hill
• If Wall Street "Recovers" Does That Help McCain?

Now they wonder whether public sentiment has decisively shifted in their direction. While House Republicans resisted the Wall Street bailout in the name of markets, Democrats called it "the first step" in recasting economic policies away from laissez-faire.

The results have lifted the Democratic ticket. Mr. Obama's lead over Mr. McCain in national polls now consistently exceeds the margin for error.

• Your Money, Your Vote
• McCain, Obama Camps Trade Barbs on Negative Ads

Mr. McCain's campaign has responded by stepping up attacks on Mr. Obama's background, including running mate Sarah Palin's assertion that Obama has been "palling around with terrorists" like one-time weather underground figure, now English professor, William Ayers.

Obama has answered by slamming mcCain as "erratic" during the financial crisis, "radical" in pressing a market-based health care approach resembling Bush's, and recalling McCain’s past ethics troubles with savings and loan executive Charles Keating.

Prospects for Democratic congressional candidates have improved along with Obama’s. Both parties now expect the Democrats’ 235– seat House majority to grow by at least 10. It’s still hard for Democrats to gain the nine seats necessary for a filibuster proof 60-seat majority. But it’s not impossible.

And some congressional Republicans are already contemplating how an Obama presidency might help them refocus their message and agenda for a comeback in elections to come.

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