This week’s meltdown on Wall Street took some air out of the Sarah Palin surge. But the Alaska governor’s addition to the Republican presidential ticket is turning the heads—if not capturing the hearts—of many women voters.

As a way to counter the Palin offensive, Democrats are sending Lilly Ledbetter to the political barricades.

A bill that bears the name of the former Goodyear supervisor, who was the center of a landmark pay discrimination case, would overturn a 2007 Supreme Court ruling and allow the statute of limitations to be reset with each paycheck affected by discrimination.

The court held that such cases have to be filed within 180 days of the original discriminatory act, making it much harder for women to sue because it might take years to discover the discriminatory treatment.

The business lobby opposes the bill, saying that it would force companies to defend stale claims. Most Republicans, including presidential nominee John McCain, oppose the bill. They say it is designed to foster litigation and help an important Democratic constituency—trial lawyers.

Democrats believe that they can make political gains with women by putting the bill in the legislative spotlight. The measure, which has been approved by the House, may come up in the Senate before the end of the congressional session. It fell three votes short of overcoming a filibuster in April.

If it goes down to defeat again, blame will be placed squarely on McCain.

“McCain has a chance to right his ways with working women,” says Ellie Smeal, chair of the Feminist Majority political action committee. That statement was as much a threat as an invitation.

McCain was out campaigning in April when the Senate took its first vote. But in subsequent appearances, he indicated that he would have supported the filibuster.

He cited concerns about litigation. He also said that the pay gap between men and women could be caused by factors other than discrimination, such as education, training and experience.

Smeal takes umbrage at that argument.

“We tend to have more education and training than our male counterparts,” she says.

Smeal spoke at a September 16 event at the National Press Club in which several women’s groups endorsed Democratic presidential nominee Barack Obama. The roster included the National Organization for Women, the Feminist Majority and the Business and Professional Women Political Action Committee.

It was an exercise in stating the obvious. There was never any question that these left-leaning organizations would oppose a Republican ticket, especially one that included someone as conservative as Palin.

Ledbetter endorsed Obama at a Richmond, Virginia, event on September 17. She will appear at a September 23 Senate Judiciary Committee hearing on equal pay.

But what was interesting is that the women’s groups felt compelled to make such a strong statement. It is indicative of how important women will be in deciding the election, especially the so-called Wal-Mart moms.

That demographic includes suburban females who may not have a college education and who might have voted for Sen. Hillary Rodham Clinton in her Democratic primary bid.

Their support is up for grabs, and they may see a lot of themselves in the working-mom Palin.

The question that will be answered between now and November 4 is whether Wal-Mart moms support the policy prescriptions advocated by NOW and the other women’s organizations or by McCain and Palin.