The Washington Post Fact Checker says no:
The Pinocchio Test
The McCain campaign is distorting the Obama-Ayers relationship, and exaggerating their closeness. There is no evidence that Obama has "lied" about his dealings with Ayers. It would be more accurate to say that he "told the truth slowly," a regrettable but commonplace practice among politicians seeking to avoid embarrasing questions.
Which means the McCain campaign is lying when they say he did lie. Rest assured that John McCain will not correct the record, "tell the truth slowly," or at any time level with the American people on this issue.
They obviously believe that this "Hail Mary" of guilt by association and character assassination is their last change to get elected, and everyone know when John McCain and Sarah Palin say "Country First" they really mean "Get elected first."
Update: Factcheck.org also finds that McCain/Palin were not being truthful in their attacks on Obama regarding Ayers:
McCain says in an Internet ad that the two "ran a radical 'education' foundation" in Chicago. But the supposedly "radical" group was supported by a Republican governor and included on its board prominent local civic leaders, including one former Nixon administration official who has given $1,500 to McCain's campaign this year. Education Week says the group's work "reflected mainstream thinking" among school reformers. The group was the Chicago Annenberg Challenge, started by a $49 million grant from the Annenberg Foundation, which was established by the publisher Walter Annenberg, a prominent Republican whose widow, Leonore, is a contributor to the McCain campaign.
Yesterday John McCain seemed to step back from the attacks a bit, correcting two McCain supporters who stood up in McCain campaign rallies and falsely accused Obama of being an Arab, and expressing concern that Obama was someone to fear.
That's encouraging, but he's now trying to put out a fire that he's created. It's another example of the erratic, impulsive behavior of John McCain. One moment he's headed in one direction, and then a short while later it's an about-face and McCain heads in a different direction.
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