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Reid Unveils Pared-Down Energy and Oil Bill

Senate Majority Leader Harry Reid unveiled a draft of energy and oil spill legislation Tuesday, having to settle for a far less sweeping bill than the cap on carbon emissions he had hoped for. The new bill would require oil companies to pay higher fees into the Oil Spill Liability Trust Fund and would eliminate the $75 million cap on economic liability from an oil spill. It calls for spending $5 billion for the Home Star program, which would provide rebates to consumers to encourage energy efficiency upgrades. It also would fully fund the Land and Water Conservation Fund.

7/27 AP