By Vicki Needham - 05/04/10 08:17 PM EDT
The Obama administration hasn't decided how much to increase damages liability caps in a 20-year-old law covering oil spills.
In the past couple of days, Congress and the White House either introduced legislation or voiced support to raise the cap from $75 million in the wake of the massive oil spill in the Gulf of Mexico.
"We will work with Congress to change the caps," White House spokesman Robert Gibbs told reporters Tuesday. Although it's expected to increase significantly, Gibbs said administration officials are looking at various cap levels but haven't picked a number yet.
Lawmakers want to raise the cap to $10 billion to ensure that British Petroleum pays the cost for containment, cleanup and the economic effects on coastal-based businesses.
Three Democratic Sens. Bob Menendez (N.J.), Frank Lautenberg (N.J.) and Bill Nelson (Fla.) introduced a bill Monday to raise the cap to $10 billion.