,,ii  #aacth ,,congress  #ast ,session  
,s4 #hbg  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,april #be1 #bjac   
,mr4 ,menendez 7for himself1 ,mr4       
,nelson1 ,mr4 ,durbin1 ,mr4 ,reed1 and  
,mr4 ,whitehouse7 introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to require oil  
polluters to pay the full cost of oil   
spills1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 
the ,big ,oil ,bailout ,prevention      
,trust ,fund ,act of #bjac4  #b4 ,oil   
,spill ,liability ,trust ,fund  7a7     
,limitations on expenditures and        
authority ,to borrow ,section #ieji of  
the ,internal ,revenue ,code of #aihf is
 amended--  7#a7 in subsection 7c7--    
7,a7 by striking paragraph 7#b72  7,b7  
by striking ,expenditures and all that  
follows through ,amounts in and         
inserting ,expenditures4--,amounts in2  
and  7,c7 by redesignating subparagraphs

 7,a7 through 7,f7 as paragraphs 7#a7   
through 7#f71 respectively1 and         
indenting appropriately2  7#b7 in       
subsection 7d7--  7,a7 by striking      
paragraph 7#b72  7,b7 by redesignating  
paragraph 7#c7 as paragraph 7#b72 and   
7,c7 in paragraph 7#b7 7as so           
redesignated7--  7i7 by striking        
subparagraph 7,b72 and  7ii7 by         
redesignating subparagraph 7,c7 as      
subparagraph 7,b72 and  7#c7 in         
subsection 7e7--  7,a7 by striking 7or  
is unable by reason of subsection       
7c77#b772 and  7,b7 by striking and such
 subsection4  #c4 ,advance payments     
,section #ajab of the ,oil ,pollution   
,act of #aiij 7#cc ,u4,s4,c4 #bgab7 is  
amended by adding at the end the        
following3  7m7 ,advance payments ,the  
,president shall promulgate regulations 
that allow advance payments to be made  
from the ,fund to ,states and political 
subdivisions of ,states for actions     
taken to prepare for and mitigate       
substantial threats from the discharge  

of oil4  4  #d4 ,budgetary effects ,the 
budgetary effects of this ,act1 for the 
purpose of complying with the ,statutory
 ,pay-,as-,you-,go ,act of #bjaj1 shall 
be determined by reference to the latest
 statement titled ,budgetary ,effects of
 ,,paygo ,legislation for this ,act1    
submitted for printing in the           
,congressional ,record by the ,chairman 
of the ,senate ,budget ,committee1      
provided that such statement has been   
submitted prior to the vote on passage4