New York (CNNMoney.com) - Lawmakers tore in to administration officials Tuesday, saying the law that may limit BP's liability for economic damages to $75 million needs to be changed retroactively.
"A year from now the TV cameras will not be there, and some fisherman will go try to get damages from BP, a multibillion dollar company," Sen. Bernie Sanders, I-Vt., said during a Senate Energy and Natural Resources Committee hearing. "He won't stand a chance."
Representatives from the Obama administration said they support eliminating the cap on liabilities for large operations, but do not feel it's needed retroactively.
BP's public comments that it will not seek protection under the cap, plus the uncertainty that the cap would apply in the BP case anyway, makes a retroactive change unnecessary, the administration said.