McCain Big Idea: mortgage buyback proposal actually proposed by Obama two weeks ago

Well, well, well...

Senator John McCain's big, groundbreaking proposal for the federal government to buy troubled mortgates -- an idea he claimed was his and his alone -- was already part of the $700 billion bail-out package -- and was proposed by his opponent, Senator Obabma, two weeks ago.

According to CBS News' Reality Check:

The campaign calls it a bold new program aimed directly at homeowners - John McCain's proposal to have the government buy and refinance shaky mortgages, CBS News correspondent Wyatt Andrews reports.

He said it was: "to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes."

McCain claimed this was his idea, and no one else's.

"And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal," he said.

That claim is exaggerated. Similar authority was granted in last week's bailout bill. And, Obama proposed the same idea - two weeks ago.

"... we should consider giving the government the authority to purchase mortgages directly instead of simply purchasing mortgage-backed securities," Obama said.

CBS goes on to suggest that neither candidate is really facing up to the enormity (usage noted) of the bail out package's impact on the US budget and economy:

The biggest reality check from the debate Tuesday night is how little the fiscal crisis has changed these candidates. The federal government has just assumed roughly $1 trillion in new liabilities - and neither candidate will admit there's been any real impact on their promises.