Sen. Biden’s remarks, in what was billed as a “major speech,” reflect a new chapter in the increasingly contentious presidential race, and advisers to Democratic candidate Sen. Obama (Ill.) have signaled in recent days that the Delaware senator has been unleashed to go after Sen. McCain (Ariz.).

“If we forget this history, we’re going to be doomed to repeat it — with four more just like the last eight, or worse,” Biden said. “If you’re ready for four more years of George Bush, John McCain is your man.”

An Obama aide said Monday that much of Biden’s attacks on McCain would revolve around the two men’s long, personal relationship and Biden’s up-close knowledge and familiarity with his “friend” McCain. That line of criticism was on full display in Biden's remarks.

“I count John McCain as a friend. I’ve known him since before he was a senator,” Biden said. “If he needed my personal help, I’d go. He served our country bravely, nobly. But America needs more than a great solider; America needs a wise leader.”

On a day when major financial institutions on Wall Street were crumbling into bankruptcy, Biden echoed Obama’s criticisms that the struggling economy is a result of Republican policies that McCain would repeat should he win election.

Biden accused McCain of wanting to give an additional $4 billion to oil companies in tax breaks, wanting to extend tax cuts for the wealthy and giving away an additional $300 billion in tax cuts for “corporations and the wealthy.”

“There is simply no daylight — at least none I can see — between John McCain and George Bush,” Biden said. “On every major challenge we face, from the economy to healthcare to education and Iraq, you can barely tell them apart.”

The McCain campaign responded that Biden is “a long-time Washington insider,” incapable of bringing the change that he and Obama have pledged to introduce to Washington.

“Barack Obama’s running mate, a long-time Washington insider, entrenched in the status quo is indicative of Obama’s false talk about change," McCain spokesman Ben Porritt said in a statement. "Together, this is the most partisan ticket in modern presidential politics attempting to repackage outdated and failed policies of the past. Barack Obama and his running mate are insistent upon raising taxes which would kill jobs and continue to refuse responsible energy legislation that would reduce gas prices. Regardless of their rhetoric, Barack Obama and his running mate can’t distance themselves from their records, which gives voters zero confidence that they can deliver change when we need it the most.”

Biden’s speech was part of the Obama campaign’s effort to seize the offensive.

The campaign also released a new ad attacking McCain, calling it a “good beginning” in Obama’s effort to fight back. The spot, using the words of television analysts and newspaper columnists, hits McCain (Ariz.) for running a “dishonorable campaign.”

“We said that we’re going to hit back harder. We’re going to make sure people understand when they say stuff that’s just blatantly false, which they’ve done throughout this race,” said Robert Gibbs, Obama’s communications director, on MSNBC. “And I think this ad is a very good beginning. It’s a tough ad.”

Gibbs said McCain has taken “the low road” since the beginning of the general election campaign.

The DNC also attacked McCain over his campaign style and launched a new website that it says will show how the GOP campaign has lied.

“John McCain has kept his promise to run a new kind of campaign, but unfortunately that has meant going to new lows,” said DNC spokesman Damien LaVera. “Why should the voters trust John McCain with our country’s future when he doesn’t respect them enough to honestly defend his flawed and out-of-touch agenda?”