Page 7 - Liability Cap News Today : Breaking News, Live Updates & Top Stories | Vimarsana

That would be a pr disaster but their right under the constitution. >> i want to hit a couple other things. people say there's a $75 million liability cap that's in place and congress has their knickers in a bunch and we have to raise the liability cap. that liability cap first of all only pertains to -- does not apply to cleanup costs. secondly it doesn't apply in a case where federal regulations have been violated or in cases of gross negligence, right? >> the liability cap in my view was bad for a variety of reasons. one of the reasons it was bad is it may have encouraged oil companies to d...

That these beaches are open for business, and it is absolutely gorgeous here. >> mayor sara seevers, thanks so much for your time. all the best in this -- what is supposed to be a peak tourist season for you there in destin, florida. we'll try to keep tabs with you and see how business goes and if a lot of those cancellations that you experienced just in the month of may and now in june and july, if they pick up as a result of your campaign. thanks so much, mayor. >> thank you for getting the word out. meantime, still on the topic of the gulf oil spill, house republican leader john boehner i...

Petroleum should be commended for saying they are going to pay for all the damages that are legitimate, the liability cap under current law is $75 million and that is something that we are going look at whether it needs to be increased. number one, we need to get the oil to stop spilling. number two, we need to make sure that we don't stop drilling in the gulf of mexico. we need to take whatever actions legislatively and regularly we make sure in the future we minimize the chances of this type of accident happening again. >> shannon: and you mentioned the offshore drilling. this morning senato...

>> mark potter, thanks so much for the live report. in the wake of that ongoing spill, president obama is vowing some tough new oversight on the industry to ensure a similar disaster doesn't happen again. let's go to mike viqueira at the white house. >> reporter: good morning, alex. following on that interesting report from mark potter, there's a debate in washington to list the liability cap. bp and these other companies right now under current law would be required to pay only $75 million in liability to fibber men, hotels, people involved in the tourism industry. another proposal from the...

They are on the hook for clean up costs but for fishermen, there's a liability cap at $75 million at which point the taxpayer comes in and starts rescuing these things. >> that's not so bad. i don't know if you heard. we have a printing press. we can just print the money. it's not an issue. honestly. i don't know why bp has to pay anything. >> this comes from an 8 cent a gallon tax on oil that's pumped here. it's the taxpayer that will pay. if you're not worried about the risk to your company about taking wild chances because someone will come in and bail you out if it happens, it's like wall ...