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A new ad released by the Obama campaign today goes after John McCain’s new mortgage plan. While the ad is good, Obama should point out the hypocrisy of McCain, who on one hand wants to cut spending, but on the other proposes $300 billion in additional spending for something that is already covered by the original $700 billion rescue bill.

Here is the ad:

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The point of the ad is that McCain puts Wall St. ahead of the taxpayers. I think a better question is how does McCain plan on paying for this plan when he is going to cut taxes, increase spending in Afghanistan, and keep spending in Iraq? There are only two ways that I can think of to pay for this plan. He can either slash entitlements like Medicare/Medicaid and Social Security, or he can deficit spend. Despite all of his tough talk on spending, I think that he would probably borrow the money.

More importantly, why is McCain proposing this plan when what is really needed isn’t for the government to take on lenders bad debts, but the ability of homeowners to renegotiate their mortgages. This plan isn’t necessary, and goes against everything that McCain is running on. Sec. Paulson said yesterday that there is already a provision is the recently passed rescue plan to address what McCain is proposing, so why is McCain doing this?

John McCain is doing this because he is a hypocrite. The slogan of his campaign has been Country First, but time and time again McCain has shown that his real slogan is Election First. A conservative who cared about his country would not want to spend an additional $300 billion of unnecessary spending. A candidate who put country first would tell us how he plans to pay for this program and cut taxes. Obama’s ad does make a point. John McCain would rather make the government take on lender debt, then make the lenders take a loss. That’s not Country First. It’s Lenders First.