With some pollsters saying that up to 90% of the electorate has made up their minds, the chances of either side getting a big bounce is slim.
Speaking on ABC's "Good Morning America" on Thursday, the day President Obama is set to deliver his campaign speech and a day after former President Clinton delivered his convention speech, Plouffe said he expected the race to remain tight up until Election Day.
"This is a very tight race," Plouffe said. "We've always believed that there's very little elasticity in the election. I don't think you should expect a big bounce. I think this is a race where we've got a small but important lead in some battleground states. It's going to be very, very close all the way out."
Plouffe's comments come roughly a week after the Republican National Convention. Mitt Romney enjoyed a short-lived 2-point convention bounce before Obama retook the national lead, according to polling. Nevertheless, Plouffe said, Republicans missed an opportunity during their convention.
"But I think the Republicans had an opportunity last week to lay out for the American people what they would do for the middle class," Plouffe added. "Our sense is they missed the mark, so we think we're making a lot of progress this week, but again, you're not going to see big bounces in this election. I think for the next 61 days it's going to remain tight as a tick."
Lowering expectations is a game both sides play and with TV viewership way down this election, neither side can expect a breakout unless the other guy makes a fatal error.
Tom Lifson thinks the row over taking God out of the platform will stay with the campaign through the election. It certainly has that potential. The shot of Democrats booing God is too rich in political significance not to try and hang it around the Dem's necks.
But this race is so unpredictable that it's hard to tell what line of attack will work.