"I think he's the underdog, not the underdog by much." said Dan Rather on CNN last night when asked about Obama's chances for reelection, "If the election were held today, depending on who the Republicans nominate, of course, I think he might very well lose in a close election."

Rather is the anchor and managing editor of "Dan Rather Reports" on HDNet, and covering the New Hampshire primary for the network.

But Rather added that the latest unemployment numbers might actually revive Obama's chances. "The unemployment figures are still terrible, but at least they are now headed down." he said.

Rather also said that the Republican debates had revived Obama's chances somewhat, as they attempted to appeal to "the fringe element" of their party and criticized debate moderators for being too timid to "ask the tough questions" about race relations.

"When it comes to any discussion of race, almost everyone is afraid to touch it for fear they'll be somehow misunderstood or used some way against them. " Rather said, "I'd like for all of us, including myself, to get over that."

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