- Obama takes aim at ‘corporate deserters’
- Dick’s Sporting Goods lays off 478 PGA golf pros
- Senators: Cease-fire must allow Israel to defend against rockets, tunnels
- Sierra Leone doctor fighting Ebola catches disease
- Iraq welcomes Russian fighter jets, helicopter gunships into ISIL fight
- John McCain laments: Obama’s ‘self-pity … is really kind of sad’
- GOP offer to fix VA gives $10 billion in emergency funds
- Paul Ryan offers to repair U.S. economic safety net with a single grant stream
- Kim Jong-un builds bond with Putin: $250M Russia-backed addition to key port opens
- Pope Francis meets Meriam Ibrahim, a Sudanese woman sentenced to death
Aide: Obama wants BP escrow account for claims
Question of the Day
WASHINGTON (AP) — President Obama will demand that BP create a special account with “substantial” reserves to pay Gulf oil claims and is readying aid packages for the region, his top political adviser said Sunday.
Mr. Obama, set to visit the Gulf Coast on Monday and Tuesday, also plans an Oval Office address Tuesday night after his return to Washington. He meets at the White House with BP executives, including the oil company’s chairman, on Wednesday.
“This is an ongoing crisis, much like an epidemic,” David Axelrod told NBC’s “Meet the Press.”
BP’s board is to meet on Monday to discuss deferring its second-quarter dividend and putting the money into escrow until the company’s liabilities from the spill are known.
“Our mission is to hold them accountable in every appropriate way,” Mr. Axelrod said.
The White House wants an independent third party to administer the escrow account and compensate those with “legitimate” claims for damages, he said. The amount of money set aside will be part of the White House discussions, but Mr. Axelrod said it should be “substantial.”
In addition, the Obama administration will announce several aid packages, and the president will make clear in his meeting Wednesday with BP’s chairman, Carl-Henric Svanberg, and others about his expectation of BP’s responsibility for caring for people affected by the spill.
In the meeting, Mr. Obama is set to follow the example of some Gulf states, which aim to put the squeeze on the company amid talk of the possibility that BP eventually may file for bankruptcy.
The attorney general in Florida and the state treasurer in Louisiana already have said they want BP to put billions in escrow accounts for claim payments.
The administration’s point man for the oil spill said federal officials may appoint an organization outside BP to administer the escrow fund.
Coast Guard Adm. Thad Allen told CBS’ “Face the Nation” that discussions will focus on an outside contractor to run the account and ensure that claims are handled more quickly than they are now.
“We’ve been very concerned about the claims process,” he said. “This is not a core function of an oil-producing company.”
Adm. Allen said he is not concerned that BP will go bankrupt and be unable to pay the damage claims.
“They’re a company that has got a lot of wealth inside it,” he said. “I don’t think that’s a consideration.”
TWT Video Picks
By Michael Widlanski
Leveling the battlefield to aid terrorists enables evil to fight on
- Obama orders Pentagon advisers to Ukraine
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- NAPOLITANO: What if our democracy is a fraud?
- Hamas rejects Kerry's call for cease-fire; Fears grow others could join fight against Israel
- Norway expects imminent 'concrete threat' from ISIL terrorists 'within days'
- State Department indicates Nouri al-Maliki's days numbered as Iraq prime minister
- Evidence shows Russia firing artillery into Ukraine: Pentagon
- Hamas orders civilians to die in Israeli airstrikes
- Calif. dolls were meant to spread cheer, not chill
- Obama family set to buy $4.25M desert home in California: report
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq