As I’m writing this article, Friday’s debate at the University of Mississippi is still up in the air. Both John McCain and Barack Obama have returned to Washington – Senator McCain of his own volition after temporarily ceasing his campaign and Senator Obama because he was requested to return to D.C. by President Bush. Assuming the debate happens, here’s my take on the encounter’s importance and what John McCain must do to change the current situation in the polls.

For John McCain’s candidacy, every appearance with Barack Obama is important. The race has returned to where it was pre-Republican and Democrat convention. Senator Obama holds roughly a two percentage point advantage over the Arizona Senator and eight to ten states will determine the election.

While the topic area for Friday’s debate is foreign policy, the subjects that are actually discussed are irrelevant. What is important is the appearance John McCain projects and the messages he conveys.

Unfortunately, foreign policy and national security deserve a thorough and thoughtful discussion. With American troops on the ground in Iraq and Afghanistan; Iran and North Korea rumbling about nuclear power and possible nuclear weapons; Russia rattling its sword in Georgia and cozying up to her newfound friend, Columbian socialist Hugo Chavez; and, with America proposing to put missile defense radar in the Czech Republic and missiles in Poland…in many respects, the world is more of an uncertain and unstable place that it was during the Cold War. This truly is “three-dimensional chess,” a game better suited to McCain’s resume than Senator Obama’s.

But, and as I stated earlier, the debate’s topic is irrelevant.

John McCain, in whatever he discusses, must look like a leader who can inspire confidence in times of crisis – domestic or foreign. He needs to demonstrate self-assuredness and poise under fire. Polling has consistently shown that Americans trust John McCain to handle crisis situations better than the young, inexperienced Barack Obama by 10 points – now is time for these character traits to come to the forefront.

Look for Senator McCain to talk in terms that inspire confidence and demonstrate sound judgment…and, in doing so, offer a sharp contrast to the rhetorically gifted but experience-challenged junior senator from Illinois.

Economics are not Senator McCain’s strong suit. But, expect the Senator to focus on Barack Obama’s plans to raise taxes on all Americans…and the negative consequences his tax hikes would have on all Americans, especially in light of the last week’s developments. Obama cannot back off his tax pledge hike at this point in the campaign…and if he attempts to do so, he will sound wishy-washy and weak – a Democrat’s worst fear.

Finally, Senator McCain will beat the populist drum, talk in tough terms about the $700 billion bailout package and push for the American taxpayer to be protected. If Barack Obama attacks McCain on contributions and ties from New York’s investment class, expect McCain to hammer back hard on Obama’s ties there, too.

Ultimately, if the debate happens, the subject matter means nothing…it’s how each candidate handles the unscripted exchanges that will inspire confidence or diminish electability.

Senator McCain – now is the time to let your steady hand, poise under fire and experience show.