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GOP SHILLS FOR BIG OIL: Bid to Lift Liability Cap in Spill Blocked

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As an Obama administration official acknowledged lax regulation prior to the Gulf oil spill, Senate Democrats on Tuesday were foiled in their bid to dramatically lift a cap on oil companies' economic liability for spills.

President Barack Obama said he was disappointed that the proposal had stalled in the U.S. Senate, and blasted Republicans he said had stopped it.

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