Obama proposes larger oil cleanup fund, tax on oil companiesVenice, Louisiana (CNN) -- President Obama on Wednesday proposed a package of measures that would provide at least $58 million in additional funding for oil spill relief efforts and raise the tax that oil companies pay to maintain an emergency fund.
In a letter to House Speaker Nancy Pelosi requesting congressional approval of the package, Obama said oil giant BP -- which owns the leaking well in the Gulf of Mexico -- was responsible for all clean-up costs. In addition, Obama said, the government would seek full compensation for all damages from BP.
"We cannot allow the potentially protracted pursuit of claims to prevent us from swift action to help those harmed by this spill," Obama said in the letter.
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BP is legally required to cover economic damages from the spill up to $75 million. But Florida Sen. Bill Nelson has introduced legislation that would raise the liability cap to $10 billion.
"If this gusher continues for several months, it's going to cover up the Gulf Coast and it's going to get down into the loop current, and that's going to take it down the Florida Keys and up the east coast of Florida," Nelson said Sunday on CNN's "State of the Union.
"And you are talking about massive economic loss to our tourism, our beaches, to our fisheries, very possibly disruption of our military testing and training," he said.
http://us.cnn.com/2010/US/05/12/oil.spill.main/index.html 
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