,i  #aadth ,,congress  #b;d ,session    
,h4 ,r4 #fdac  ,,in ,,the ,,house ,,of  
,,representatives  ,november #cj1       
#bjaf,mr4 ,pallone introduced the       
following bill2 which was referred to   
the ,committee on ,transportation and   
,infrastructure1 and in addition to the 
,committees on the ,budget1 and ,ways   
and ,means1 for a period to be          
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,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 #bjaf4  #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#b71  7,b7  
by striking ,expenditures and all that  
follows through ,amounts in and         
inserting ,expenditures4--,amounts in1  
and  7,c7 by redesignating subparagraphs
 7,a7 through 7,f7 as paragraphs 7#a7   
through 7#f71 respectively1 and moving  
such paragraphs 7as so redesignated7 #b 
ems to the left1  7#b7 in subsection    
7d7-- 7,a7 by striking paragraph 7#b71  
7,b7 by redesignating paragraph 7#c7 as 
paragraph 7#b71 and  7,c7 in paragraph  
7#b7 7as so redesignated7--  7i7 by     
striking subparagraph 7,b71 and  7ii7 by
 redesignating subparagraph 7,c7 as     
subparagraph 7,b71 and  7#c7 in         
subsection 7e7-- 7,a7 by striking 7or is
 unable by reason of subsection         
7c77#b771 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 ,committee on the ,budget of the 
,house of ,representatives1 provided    
that such statement has been submitted  
before the vote on passage4