"Me Too!" Shouts Bush

Scrambling to beat John McCain at his own game, George W. Bush pushed his very own campaign finance reform plan Tuesday. "These are reforms that will make the system work better. These are real reforms, these are wholesale reforms," Bush argued as outlined his ideas in Irmo, South Carolina.

McCain's response teetered between an arms-folded welcome, and a contemptuous dismissal. He said Bush's plan was a "breakthrough," but also dismissed it as "bogus." "How can you call it reform when it doesn't stop soft money?" McCain asked.

Bush's plan differs substantially from McCain's. It bans soft money contributions from corporation and unions, but allows such contributions from individuals. McCain wants to scrap soft money all together. Bush would continue to allow "issue ads" by advocacy groups, which are often funded by that same, dreaded, soft money. He also wants to ban contributions from lobbyists to lawmakers while Congress is in session - but contributions any other time would presumably be OK. McCain wants to get rid of lobbyist contributions.

Some of Bush's points seemed directed at McCain. He reiterated his call for candidates to disclose promptly contributions received over the Internet, something McCain hasn't done. And he railed against rollover funding, whereby a candidate takes funds he received for his re-election campaign and transfers them over to his new campaign. Bush says that constitutes an "exemption for federal candidates." McCain has moved contributions intended for his Senate re-election campaign over to his presidential campaign.

McCain said that Bush's proposals were a major change, but Bush bristles at that. "I have a plan that I've been talking about ever since I've been on the campaign trail," the Texas governor insisted. "I've been on the record since last summer."

That's true, but Bush has hardly made this plan a focal point of his campaign. His most memorable comments on campaign finance reform have come when he fumed against McCain's proposals, which Bush said would amount to a "unilateral disarmament" by the Republican party, and would give the Democrats a leg up.

It's no accident that Bush is pulling out and dusting off his funding reform proposals just days before the South Carolina primary. He's seen the dramatic appeal of McCain's plan to Democrats and independents, and Bush badly wants some of those same voters.

More from CBS News