BP executives meet with President Obama and high level cabinet members in the Roosevelt Room of the White House. (PHOTO CREDIT: Pete Souza/White House)
New York (CNNMoney.com) - BP has agreed to put roughly $20 billion into an escrow account to cover costs related to the oil spill in the Gulf of Mexico, a senior White House official told CNN Wednesday.
The official said the agreement was worked out ahead of a highly-anticipated meeting between BP executives and President Obama in Washington.
The amount to be placed in the fund is "in the ballpark of $20 billion," according to the official.
Obama is expected to make a statement later Wednesday.
That's not going to be enough. There are 2 more months before the leak is stopped, if then.
I cannot wait to see how the far right crazies will attack this! Come on, let's see what criticism you have about our President forcing BP to pony up 20 billion to pay for claims. Your spin should be entertaining.
I looks like Tony Hayworth is praying. Good luck with that Mr. I want my life back....
lucky cheney wasn,t in control this would have been turned into a terrorist attack and a natural leak at the bottom of the ocean and the tax payers would have been paying haliburton to clean it up
Its amazing that Obama just hels his first meetig with the BP CEO. He's a day late..no the's 59 days late n doing so.
I bet no one will give Obama credit for that! BP should and needs to step up and take care of all those people who are losing due to their mishap, but what type of credit will obama get? What idea's are others coming up with to help with this disaster? Either goverment is to get involved or not, All these whishy washy hissy fitting FOLK are getting on my last nerve. Thanks Pres. Obama for taking care of those that are really in need due to this tragedy...
I hope the Congress/Government can't get their hands on that $20 billion. Of course, that would only last this out-of-control spending congress a week or so!
That's just a drop in the bucket compared to what obama is going to charge Americans for his socialistic cap and tax plan.
How much of this goes into the Democrats slush fund.....you expect the government to hand it out....yeah right
I thought that the escrow was going to be handled by an independent person. How is Obama's pay czar Feinberg an independent person?
Say goodbye to that money, hello taxpayers paying for it.
With all the pundits criticizing the speech last night, I know they are mouth full with this news... At least the speech brought results a day after.... we are so used to hearing and fine with good speeches that do not produce any results
I thought the escrow account was supposed to handled by a third party independent person. How is Obama's pay czar Feinberg an independent person?
That is not going to be enough money to cover all the claims.
This is good news, glad Obama is holding them to the fire.
There shouldn't be a cap. They need to pay every legitimate claim!!!!
lmaooo..now thats wayyyyyy more than President Bushy did. watch and learn then speak thats one golden rule of being a real leader!.
There goes the GOP's million dollar envelopes, poor cronies.
Please please please someone regurgitate Michelle Bachman's talking points about this being "redistribution of wealth" and a giant socialist conspiracy so the government controls it all. Please.
BTW, of course it's "redistribution of wealth," you moron robot conservatards....redistributing the wealth of a multi-billion dollar corporate wh-re to all the people damaged by the giant case of syphillis it just gave our country. Grow up...you make us sick with your mindless talking point memes.
The next question to be asked, however, is how BP is going to fund this $20B. It only has approximately $7B in liquid assets...so is it going into receivership, selling off some major assets or borrowing from our financial institutions?
The nuts who want to see Obama jumping up and down with rage ought to realize that he is a man of action...
I doubt that a Republican administration would have held BP accountable...after all they were in bed with Big Oil...
Thank you, President Obama!
Guess that's what Obama means when he says we need to go "green." It's just another slush fund for the Democrats to dole out to their liberal cronies.
Wake up people! In November 2010, vote American, vote Republican!
Now who says Pres. Obama isn't doing enough! What do folks want, him to waive a wand and have this all go away? Get real.
Looking at this photo how humble (as the Brits are), Tony Haywards looks so sorry. I now sympathise with him. We are all human beings and we all make mistakes.
What a pic....sure are a lot of clueless faces on this one.
This president is really managing this well. The media wants 'drama' and he is not giving them any and the lack of drama is perceived as 'bad leadership'. Its pathetic that this gets compared to President Bush's disastrous response to Hurricane Katrina. Hurricane Katrina came with warning and every solution and fix was the government's responsibility. They just didn't do it. In the Gulf spil's case, there was NOTHING government could do to prevent it (of course earlier governments could have watched the oil companies more closely, nobody did). Obama has made BP commit 20 BILLION for this. If it was Pres Bush, he probably would have made a show and then let BP off the hook. A lot of hypocrytes out there in the media world.
Who is it that should take the blame for the siduation in the Gulf.BP yes they should pay, but also every greedy politician that sits on hill and tosses the blame around.Lets find out who has taken even a single penny from big oil put it in the escrow account.Quit pointing the finger at each other on the hill on tv in the papers.Its not all Obamas fault.but the blame always goes to the top.We are all getting sick of the political bickering.These waters are given to all of North America in trust.The finger pointing has to stop and the brains need to rise to the top or you know where to stick that finger next.