McCain's announcement at Tuesday's night's debate about of a new plan to buy bad mortgages and renegotiate them has been met with responses ranging from mystification to ridicule. Though the details that have emerged have been less than crystal clear, it seems the plan would cost an additional $300 billion above and beyond the $700 billion rescue package just passed by Congress.

But an email just distributed by McCain spokesman Tucker Bounds seems to indicate McCain's plan wouldn't be an add on program but instead be designed to redirect some of the $700 billion:

Please see our campaign's response to Barack Obama's event in Dayton, Ohio. During the event, Barack Obama attacked John McCain's proposal to use a greater proportion of the funds authorized by the legislative rescue plan to secure fixed-rate, affordable mortgages for American homeowners who are in danger of losing their homes.

"Barack Obama has voted in favor of for higher taxes 94 times and is promising over $900 billion in new government spending, but apparently he won't spend a dime to help hardworking Americans stay in their homes. In addition to explaining his friendship with unrepentant terrorist Bill Ayers, Barack Obama should tell voters why he supports the $700 billion legislative rescue plan but now opposes using that money to help homeowners get the relief they need and strengthen our economy.

"John McCain's homeownership resurgence plan represents absolutely no new expense to the taxpayer, but simply refocuses priorities to more directly assist the homeowners who are hurting instead of greed on Wall Street.

"This is just the latest example of Barack Obama putting politics above the national interest, and his utter inability to be straight with the American people. The only thing the American people can trust about Barack Obama is that he's too big a risk in a time of crisis." ---Tucker Bounds, spokesman McCain-Palin 2008

The emphasis is mine. Is this is a walking back of McCain's original proposal? Seems like it to me.