Following the recent demise of comprehensive climate legislation, the U.S. House and Senate are rolling out their more modest versions of energy and oil spill legislation. 

President Obama called the legislaiton a step in the right direction, but promised to push for broader reform.According to the New York Times, the House and Senate versions differ in important ways.

The House version combines bills that have already passed in various committees.It reorganizes the former Minerals Management Service and lifts liability limits in accidents. One provision also denies drilling rights to companies that have had more than 10 deaths at offshore or land-based sites, which would currently apply only to BP.

The Senate version lifts the liability cap on offshore drillers, imposes new safety regulations and funnels money to environmental restoration programs.

Both versions grant subpeona power for a presidential spill commission. 

The Senate version could on the floor as early as Friday, with votes early next week.