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Share Price Information for BP (BP.)

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Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
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Obama Blasts Republicans For Blocking Vote On Jobless Bill

Sat, 19th Jun 2010 11:00

By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--President Barack Obama on Saturday used his weekly radio address to blast Republicans for blocking attempts to allow votes on legislation that would extend jobless benefits and raise the liability for oil companies that harm the environment. Obama, in a twist to his frequent business-as-usual criticism of Washington, said he is disappointed to see a "dreary and familiar politics get in the way of our ability to move forward on a series of critical issues that have a direct impact on people's lives." Republicans, along with some Democrats, on Thursday voted to defeat ending debate on a bill that would extend jobless benefits and renew a series of tax credits implemented in 2009. Attempts to vote on a bill that would raise a liability cap for oil companies from $75 million, a figure considered outdated and low, have also been blocked. Obama said Americans deserve a simple up-and-down vote. He said more than 100 of his nominees to work in a host of federal positions are also awaiting Senate approval. Obama's call for a spirit of greater cooperation comes as he is set to meet with a group of bipartisan senators at the White House next week to discuss energy and climate legislation. He realizes there will be differences, but said the public deserves to see that Republicans and Democrats can at least sit down together and discuss important issues. Obama said passage of the jobless bill is necessary to help Americans who lost jobs through "no fault of their own." He added, "It would provide relief to struggling states that would help save the jobs of thousands of teachers and cops and firefighters." Republicans used their weekly radio address to criticize Obama's response to the Gulf oil catastrophe. Sen. Roger Wicker (R., Miss.) said the country needs to continue to learn "more and more disturbing information about gross negligence on the part of BP--and about some proposals from the Obama administration that will do more harm than good." Wicker pointed to Obama's Oval Office address to the nation on the Gulf oil disaster earlier in the week as a basis for criticism. He said Obama used a third of the speech to address advocating a new national energy strategy. He added, "Now is not the time to push a controversial, job-killing, partisan agenda through Congress." Wicker also criticized Obama's decision to put a six-month moratorium on deepwater drilling in the Gulf, saying it's a third wave of the disaster. "If left in place, the moratorium will permanently eliminate thousands of jobs and drive up the cost of energy for all Americans," he said. Obama has said he wants a presidential commission to look quickly into whether deepwater drilling can continue safely. Wicker also blasted Democratic proposals to increase oil clean-up fees. He said the proposals would take the country in the "wrong direction." Democrats plan to "raid those funds to pay for unrelated programs," he added. Wicker's comments come as the Republican Party encountered intense pressure for comments Rep. Joe Barton (R., Texas) made at a House Energy and Commerce Committee hearing with BP PLC (BP, BP.LN) Chief Executive Tony Hayward. Barton apologized to the chief executive for the way the White House was treating the company. He said he found it shameful that the White House asked the company to set aside $20 billion to compensate Gulf residents whose economic livelihoods were affected by the disaster. Barton later apologized for the comments after heavy pressure from Republican leadership. -By Jared A. Favole, Dow Jones Newswires; 202.862.9256; jared.favole@dowjones.com (END) Dow Jones Newswires June 19, 2010 06:00 ET (10:00 GMT)
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