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Schumer Wants Oil Companies to Pay

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New York State Sen. Charles Schumer wants to make sure the companies responsible for the Gulf of Mexico oil spill pay for the full amount of the cleanup.

"Bottom line is simple," Schumer said. "Tax payers should not be forced to foot the bill for the companies' mistakes. Transocean and BP got us into this mess, and they're going to be held responsible for cleaning it up and paying for it."

Schumer announced he wanted to repeal the Limitation of Liability Act, a 150-year-old law that would allow the Deepwater Horizon rig owner, Transocean, to cap its liability for the disaster at $27 million.

Transocean has said that the $27 million cap will not affect claims related to cleanup costs.