Senate Finance Chairman Max Baucus (D-Mont.) on Thursday said legitimate concerns have been raised by lawmakers over the S corporation tax increase included in the so-called tax extenders bill and that those issues are being addressed. 

"We're working on it," he said, adding, "It needs some work." 

The House Rules Committee is slated to take up legislation that provides tax relief and loan opportunities to small businesses on Monday. 

Assuming the legislation advances out of the committee, the full chamber could take it up as early as Tuesday. 

Frustrated by the slow pace of advancing the so-called tax extender bill, Sens. Debbie Stabenow (D-Mich.) and Bob Casey Jr. (D-Pa.) on Thursday vented about Republican opposition to the bill. 

The bill resuscitates individual and business tax breaks that expired last year, but more important to the senators is the extension of jobless benefits that were terminated last month because Senate Republicans continue to object to their expansion.

Florida Attorney General Bill McCollum asked BP for $2.5 billion for the state's long-term recovery from the oil spill in the Gulf of Mexico. 

McCollum sent a letter to BP on Thursday asking that the funds be deposited into an interest-earning escrow account so "Florida can be assured of its availability to the state and its citizens and businesses over the long-term recovery period."

The amount is based on economists' estimates that show Florida could experience $2.2 billion in losses, accompanied by a "sharp decline in employment in the industries directly impacted by the Deepwater Horizon oil spill," McCollum wrote in the letter. 

BP announced Thursday afternoon an additional grant of $25 million, for a total of $75 million to Florida for tourism and other recovery purposes.

"As Florida braces for what will likely be a staggering blow to its economy with significant impacts to our state's workforce and the revenues of the state and local governments, it is essential that BP establish immediately a dedicated escrow account soley for the purpose of paying claims and damages to Florida and its citizens," McCollum wrote. 

Under pressure from federal officials, oil giant BP agreed Thursday to speed up the process and change how individuals and businesses affected by the Gulf of Mexico oil spill are paid. 

Thursday afternoon, BP announced it will pay an additional $25 million to three of four states affected by the oil spill — Florida, Mississippi and Alabama. 

Mississippi and Alabama have each received $65 million so far — today's grant is in addition to a $25 million grant on May 5 and a $15 million tourism grant May 17. 

Florida has received $75 million — $25 million today and on May 5 and $25 million for tourism on May 17. 

No announcement was made regarding Louisiana. 

"These funds will be put to good use to help carry out the state's protection plan, including a project to fill in the Katrina Cut," Alabama Gov. Bob Riley said in a statement released by BP. 

House Majority Leader John Boehner (R-Ohio) on Thursday told President Barack Obama that cuts in federal spending would boost the economy and create private sector jobs. 

"I gave the President a statement by more than 100 economist urging both parties to cut spending now to boost private sector job creation," he said in prepared remarks. "The need is clear." 

Sen. Chuck Grassley (R-Iowa) on Thursday requested information for how a proposed change to the private foundation excise tax would affect the pay-out rates of those organizations. 

The senator's request comes on the heels of Sen. Charles Schumer (D-N.Y.) introducing an amendment to the so-called tax extenders bill that would replace the current excise tax, which lowers if foundation payouts exceed a certain amount, with a flat 1.39 percent tax. 

BP officials touted the value of the oil company's stock Thursday after large drops in the United States and United Kingdom during the past couple of days. 

"BP notes the fall in its share price in U.S. trading last night," a BP release said Thursday. "The company is not aware of any reason which justifies this price share movement." 

Despite a huge selloff in U.S. markets Wednesday, BP's stock bounced back today, up nearly 9 percent as the Dow Jones industrials showed gains. 

In London today, BP shares dropped to their lowest levels in 13 years behind calls by U.S. lawmakers to stop dividend payments, increase compensation to affected coastal businesses and speed up the claims process. 

BP argued it is a strong company and its cash inflows and outflows in March were balanced at an oil price of around $60 a barrel. The company said "our asset base is strong and valuable" with more than 18 billion barrels of oil in reserve and 63 billion barrels at the end of 2009. 

BP says it has spent nearly $1.3 billion on the spill and paid $84 million in claims to individuals and businesses in four affected states — Louisiana, Mississippi, Alabama and Florida. 

Boost for Medicare payments to doctors in selected California counties — Sen. Coburn wants to strip it from tax bill.