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(CBS)  When asked if the Republican Party - which some predict will win control of the House of Representatives next week - will win a majority in the Senate, the GOP's 2008 presidential nominee declined to foresee success.

Appearing on CBS' "The Early Show" this morning, Senator John McCain, R-Ariz., said, "I'm a little worried about some of my Republican friends who are taking a victory lap about a week ahead of time.

"And indications are that, as always, the Democrats have a very sophisticated get-out-the-vote operation. We've got to get our vote out.

"If I had to predict," McCain told anchor Harry Smith, "and I'm very hesitant to do so, I think we will be up late, or even after election night, waiting to see what happens in California and the state of Washington. I think the election will probably depend on that, as far as Senate majority."

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As a co-sponsor of campaign finance legislation that was all but gutted by the Supreme Court's decision in Citizens United, which allowed unfettered spending of money from anonymous donors (including corporations, industry groups, unions and non-profits), McCain said the current glut of spending by House and Senate (according to the Washington Post, nearly $2 billion for this midterm) and by outside groups (an additional nearly half-billion dollars, much from hidden sources), was feared.

"Yeah, we were worried about that," said McCain (who alone spent about $20 million to defeat his primary opponent J.D. Hayworth), "especially money that comes from sources that are not really known. Or money like the unions that spend without the permission of union members - obviously many union members who don't agree with the far left agenda of the union leadership.

"So, it is what it is, and we're in for an interesting election."

Looking ahead, McCain was asked about the prospect of compromise in Congress over the Bush era tax cuts, which are due to expire at the end of this year. While most agree that tax cuts for middle class Americans should be extended, battle lines have been drawn against whether the richest two percent of Americans should also have their tax cuts continued.

Doing so, Democrats argue, would increase the federal deficit by $700 billion over the next decade.

Though a recent CBS news poll shows a majority of Americans say tax cuts for those making $250,000 a year should not continue, Republicans are fighting for them.

"Democrats are floating the idea of moving that ceiling up to $1 million a year," said Smith. "If the Bush tax cuts, which are up for renewal, come up again and they say, 'You know what, we'll just only tax people who make $1 million or more,' is that something you might be able to stomach?"

"Look, let's just extend them all for a couple of years and then worry about it, and see what happens a couple years from now," McCain replied. "We're not going to get into a bidding war with the Democrats over what level [of] rich people we hate.

"Look, we don't need to raise anybody's taxes at this time. Let's extend them for a couple of years, as 45 Democrats in the House said that they were committed to [doing], and let's start attacking the real problem, and that's spending.

"Taxes isn't the problem; it's spending that's the problem. And so that's what we need to do."

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