According to reports, House Democrats, reacting to the Gulf of Mexico drilling disaster, want to raise the cap on economic damages for oil spills from $75 million to $10 billion.

Officials say public reaction to the BP-TransOcean Deepwater Horizon spill could mean quick passage of the bill, which has the backing of House Speaker Nancy Pelosi, D-Calif., Senate Majority Leader Harry Reid of Nevada and President Barack Obama, the Hill reported on Thursday.

The Washington publication has said that the increased penalties would be in addition to direct cleanup costs, which the responsible party is already obligated to pay.

Proponents of the measure are calling it the "Big Oil Bailout Prevention Act," saying it will protect taxpayers.

Rep. Rush Holt, D-N. J., one of nine House sponsors, said, "In a fair and just world, companies like BP should pay for every last cent of the mess they've made, not taxpayers, not the tourism industry, not the fishing industry, not small businesses. Our bill is clear: The buck stops with oil companies; it shouldn't spill over to taxpayers."

Democratic Sens. Robert Menendez and Frank Lautenberg of New Jersey and Bill Nelson of Florida are among those who initiated a companion bill in the Senate where Reid says he is unsure when he will bring it up for a vote.

Reid said of expected Republican opposition, "When you're dealing with the 'party of no,' it's hard to figure out how you're going to move on things."

While BP is "clearly responsible and must pay for the cleanup," Congress should find out what caused the accident, what it will cost and how to prevent future accidents before embarking on new legislation, Michael Steel, a spokesman for House Minority Leader John Boehner of Ohio, said. (With Inputs from Agencies)