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WASHINGTON (AP) -- Vice President Joseph R. Biden Jr. on Thursday said it's "outrageous," ''astounding" and "incredibly out of touch" for a GOP congressman to criticize the White House for demanding a BP victims compensation fund.
Mr. Biden responded to comments made by Rep. Joe L. Barton, Texas Republican, at a House hearing earlier in the day.
Mr. Barton, an oil industry ally, said he was "ashamed of what happened" and accused the White House of conducting a "$20 billion shakedown"
Originally posted by whaaa
It's plain to me that the GOP has....
Let their ideology get in the way of their common sense.
Indeed, whatever the escrow account’s value—reports vary from $5 billion to over $20 billion—it will serve to shield BP from the real financial damages the spill has caused, which could be upwards of $1 trillion and far surpass the London-based firm’s market capitalization.
After the Exxon Valdez disaster, Congress passed the Oil Pollution Act of 1990, which capped at $75 million oil firms’ total liability for economic and environmental damages to private parties. The paltry sum was not indexed for inflation and remains at the same level.