CNN Wire Staff
[cnn-photo-caption image=http://i.cdn.turner.com/cnn/2010/US/06/16/gulf.oil.disaster/t1larg.jpg caption="President Obama and Vice President Joe Biden meet Wednesday with BP execs in a photo released by the White House" width=300 height=169]
BP has agreed to place $20 billion in an escrow fund to pay for claims in the Gulf of Mexico oil disaster, a senior administration official told CNN on Wednesday.
The development came as President Obama sat down Wednesday with top BP executives at the White House in a highly anticipated meeting that follows repeated administration insistence's the company must pick up the tab for the disaster.
BP Chairman Carl-Henric Svanberg, CEO Tony Hayward and Managing Director Bob Dudley, and BP America CEO Lamar McKay were meeting with Obama, Vice President Joe Biden, Attorney General Eric Holder and other administration officials.
Filed under: Gulf Oil Spill
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