Obama needs to tackle the economy and deficit issues head on. They are just too big to simply try and kick up dust around using social issues, Medicare, or Romney's tax returns and Bain Capital activities. It's not that he's necessarily going to "win" on handling the economy, but there's a case to be made there.
Of course, that's what I would do if I was on their team. It may just be a matter of having no choice but to talk more about it.
There were some suggestions of a convention mea culpa, but:
A. I doubt that he'll do it.
B. I doubt if it will work.