(CNN) - Sen. John McCain on Monday is delivering a new speech that a senior aide says he thinks "will begin a turnaround for the campaign" as Election Day approaches.
"Sen. McCain will offer a frank assessment of the state of the election and the state of affairs for our country.
"The theme is the new direction that Sen. McCain will take the country through his specific plans for creating jobs, helping those nearing retirement, keeping people in their homes and curbing spending," the aide said.
McCain's speech comes the same day that Democratic candidate Barack Obama is laying out his economic rescue plan for the middle class.
The Republican presidential candidate will "speak directly to people's fears and worries about the state of our economy and the other challenges we face," the aide said.
McCain will also lay out what he sees as the differences between himself and Obama on experience, judgment and courage in the face of a national crisis, according to the aide.
McCain surrogate Lindsey Graham said Sunday that the Republican nominee would unveil new proposals to "jump-start the nation's economy" over the final weeks of the presidential campaign, but the aide said there would be no new proposals on Monday.
McCain has events scheduled in Virginia Beach, Virginia, and Wilmington, North Carolina, on Monday.
There are just 22 days left until the election, and according to CNN's most recent poll of polls, Obama leads McCain by 8 percentage points, 49 to 41 percent.