Reid wants no liability cap for oil companies

Senate Majority Leader Harry Reid (D-Nev.) on Tuesday proposed a complete lift of any liability cap on economic damages paid by oil companies that are responsible for oil spills.

Reid told reporters that a proposal pending before the Senate to lift the liability from the current $75 million to $10 billion is inadequate because the $10 billion figure is "too small."

"We're told that the damage from the oil spill in the Gulf now is $14 billion already," Reid said, referring to the BP spill off the coast of Louisiana. "I'm for no cap."

Sens. Robert Menendez (D-N.J.) and Bill Nelson (D-Fla.) have written the proposal to raise the liability cap from $75 million to $10 billion. Democrats tried to bring the proposal to a vote last week but were blocked by Sen. Lisa Murkowski (R-Alaska).