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Detailed text transcripts for TV channel - MSNBC - 20100504:01:26:00

pollution act of 1990, federal law limits the amount of daniels bp will be responsible for to, get this, $75 million. that s it. $75 million. a drop in the expected bucket. that limit on liability is the target of the big oil bailout prevention act, which was introduced today. the bill seeks to raise the cap on liabilities from $75 million to $10 billion. joining us now is democratic senator bob menendez of new jersey who was a co-spoenser of the big oil bayout prevention act. thank you for joining us. good to be with you, rachel, and thanks for being in louisiana. your legislation would raise the liability cap from $75 million way up to $10 billion. if it passed, would it take effect immediately? would it be retroactive to include this disaster here behind me? yes. you know, we have precedent for that, super fund ultimately is the cleanup of toxic waste site that s were, you know, made

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