US House Leaders Propose Lifting Liability Limits On Oil Cos

By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. Democrats unveiled a bill Monday that would eliminate the cap on damage claims that BP PLC (BP, BP.LN) and other oil companies would have to pay for spills such as the one in the Gulf of Mexico, setting the stage for a vote Friday on the first chamber-wide response to the worst offshore oil spill in U.S. history. Under the bill, introduced by Rep. Nick Rahall, a West Virginia Democrat who chairs the U.S. House Committee on Natural Resources, offshore companies will be responsible for 100% of damages and cleanup costs caused by spills for which they are responsible. The U.S. House is expected to vote on the bill this Friday after weeks of work on legislation that would address the Gulf of Mexico spill. -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires July 26, 2010 20:16 ET (00:16 GMT)