Menendez predicts Congress will raise oil damages cap

A key Democratic senator Wednesday predicted that Congress will pass legislation that significantly raises the liability cap for oil companies. 

Sen. Robert Menendez (D-N.J.) and others want to raise the cap from $75 million to $10 billion in response to a massive oil spill in the Gulf of Mexico caused by an explosion on an offshore rig several weeks ago.

Menenedez -- a staunch critic of oil drilling -- suggested the measure does not have the votes to pass now, but will eventually get enough support.

Asked on ABC's "Good Morning America" if the measure has the votes now, Menendez said, "I believe we will, it's moving quickly in the House...I think we're going to move it there, so I think we're going to get that done."

President Barack Obama supports legislation that would up the maximum amount oil companies are obligated to pay in the event of a spill or other catastrophic event.

Some lawmakers want to have the legislation retroactively impact BP, the company that was leasing the rig that exploded, but some legal questions have arisen that could prevent that from happening.