Pelosi backs eliminating damages liability cap

Congress should consider eliminating the caps on damages caused oil spills as the cost nears $1 billion, Speaker Nancy Pelosi (D-Calif.) said in an interview Friday. 

"There is a movement afoot in Congress for that. Why have a cap?" Pelosi said in an interview with Bloomberg's Al Hunt, scheduled to air tonight. 

Pelosi had previously backed the idea of raising the cap from $75 million to $10 billion for economic damages. 

"You would hope that there would not be more than $10 billion of damage, but understand it is for each episode," she said.

Opponents of raising the cap that high have argued it would harm smaller oil companies, making insurance too expensive and difficult to obtain.  

Senate Majority Leader Harry Reid (D-Nev.) has voiced support for eliminating the $75 million cap that pays for the clean up, containment and economic damages associated with an oil spill. 

Costs stand at about $930 million for the Gulf of Mexico oil spill for response, containment, relief well drilling, grants to Gulf states, claims paid and federal costs, BP estimated in a statement today. 

So far 26,000 claims have been filed and 11,650 have been paid.