White House Says BP Will Pay Billions

Presidential spokesman Bill Burton told reporters the White House and BP are negotiating amounts for an independent compensation fund, administration and other details.

Burton said Monday that the fund will be in the "billions of dollars," without providing a specific figure. He also said that it will be administered by a third-party entity as President Obama wanted.

BP's board met to discuss putting its second-quarter dividend in escrow until the company's spill liabilities are known.

The president started a 2-day trip to Mississippi, Alabama, and Florida Monday. After returning to Washington, he will speak to the nation from the Oval Office about what he's seen in the afflicted states and what to expect in the weeks ahead.

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