By Vicki Needham - 05/04/10 07:12 PM EDT
The cap right now is $75 million but Menendez and the other two bill sponsors -- Sens. Bill Nelson (D-Fla.) and Frank Lautenberg (D-N.J.) -- said that's not nearly enough to help the economic harm caused by the oil spill to the fishing, shrimping and tourism industries in the Gulf of Mexico.
"We keep hearing that BP's going to be responsible for everything," Menendez said. "They're not."
He cited BP's $5.6 billion in first quarter profits saying, "I think they can be responsible for their actions, and so do my colleagues."