Pelosi backs eliminating damages liability cap

Opponents of raising the cap that high have argued it would harm smaller oil companies, making insurance too expensive and difficult to obtain.  

Senate Majority Leader Harry Reid (D-Nev.) has voiced support for eliminating the $75 million cap that pays for the clean up, containment and economic damages associated with an oil spill. 

Costs stand at about $930 million for the Gulf of Mexico oil spill for response, containment, relief well drilling, grants to Gulf states, claims paid and federal costs, BP estimated in a statement today. 

So far 26,000 claims have been filed and 11,650 have been paid.