Obama wants BP to set up escrow account

Obama wants BP to set up escrow account

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WASHINGTON - President Barack 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.

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."

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So, Obama will address the nation on Tuesday and give us all the deets of his recovery plan.

Perhaps he will also roll out the Gulf Recovery Act, we've been discussing here.

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.

Sounds like he's toughening up his stance.

November isn't far away...

~Keeper

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