MIAMI (Reuters) - Legislation proposed by the Obama administration to respond to the Gulf oil spill foresees $118 million in one-time discretionary spending, the bulk of which is expected to be covered by well owner BP, a senior administration official said on Wednesday.
The legislation being sent to Congress also called for a 1 cent per barrel tax increase to be paid by oil companies to the existing Oil Spill Liability Trust Fund, Jeff Liebman, Acting Deputy Director of the Office of Management and Budget (OMB) told a conference call news briefing in Washington.
(Reporting by Pascal Fletcher and Deborah Charles)
