President Barack Obama's plan to force BP to set up an account to
pay for cleanup and compensation related to the oil spill won some GOP
support on Monday.
Sen. George LeMieux, a Florida Republican whose state is among those bearing the brunt of the impact from the Gulf of Mexico oil spill, said he was "encouraged" by news that the administration would force BP to put money in escrow to fund recovery efforts.
LeMieux tweeted Monday morning:
Encouraged Pres. Obama is moving toward idea Cong. Jeff Miller and I put forward a month ago requiring BP to set up a fund for cleanup.
is expected to formally announce the escrow account on Tuesday night in
an address from the Oval Office, following a two-day trip to survey the
impact of the spill in Mississippi, Alabama and Florida. The president
has previously surveyed the effects of the spill in Louisiana.
Senate Democrats have said the fund should total $20 billion in escrow, and Obama is set to lay out his own plan for the fund during his address Tuesday night. The account, which would be managed by an independent mediator, would help pay out claims of damages against BP, which is steadily bleeding its cash reserves and losing stock value over the spill. The fund would ensure an available pool of money from which damages could be paid, regardless of the fate of BP as a company.
The plan is expected to be a top item on the agenda when Obama meets with BP CEO Tony Hayward on Wednesday at the White House. It will be the first meeting between the two since the oil spill started.
Cross-posted to the Briefing Room.