The latest Washington Post-ABC News poll found that the race has remained stable over the past month, with Romney currently at 47 percent and Obama at 46 percent with registered voters. In July, Obama and Romney were dead-even at 47 percent in the same poll. The bottom line from the Post:

The findings continue a months-long pattern, with neither the incumbent nor the challenger able to sustain clear momentum, despite airing hundreds of millions of dollars in television ads — most of them negative — and exchanging some of the harshest early rhetoric seen in a modern presidential campaign.

This is despite the massive spending on Obama’s side to paint Romney as everything from a felon to a tax-dodger to a killer. The fact that all that cash hasn’t moved the dial should be a big concern for the Obama campaign, particularly since Romney has more to gain from the conventions.

Romney has a chance to dispel the falsehood that he’s an “extremist” during his speech. Since voters are already very familiar with Obama, he doesn’t have the same opportunity to define himself.

That’s why Romney’s speech at the convention has to be focused on who he is and what he would do as president. Obama’s will necessarily have to focus on cutting down his competition and shifting blame for the slow economic recovery.