The liability cap on oil companies operating offshore needs to be raised, U. S. Senate Republicans and Democrats said on Thursday.

The Hill has reported that current law caps producers' liability at $75 million, but proposals in the works that would raise that cap to $10 billion or even $20 billion.

Senate Democrats moved Thursday to put legislation on the fast track that would bump the cap to $10 billion.

It was also reported that Sen. Lisa Murkowski, R-Alaska, objected to the Democrats' attempt to gain unanimous consent for their bill, which torpedoed their hopes for quick passage. She said the higher cap would squeeze smaller offshore producers out of the market.

The Hill further reported that Gulf Coast Republicans David Vitter and Jeff Sessions offered a proposal based on the quarterly profits of the oil company responsible for a particular spill. The senators indicated BP could be on the hook for as much as $20 billion. (With Inputs from Agencies)