Feds: BP Agrees to Expedite Oil Spill Payments

The Obama administration says BP has agreed to expedite the payment of claims to businesses and individuals whose livelihoods have been disrupted by the Gulf of Mexico oil spill.

Tracy Wareing (WEHR'-ing), who is with the National Incident Command office, told reporters in Washington that the understanding on payment of claims came in a meeting Wednesday with BP executives, including CEO Tony Hayward.

Wareing said administration officials raised a "pressing concern" about the time BP has been taking to provide relief payments, particularly to businesses in the stricken area. She said the company will change the way it processes such claims and will expedite payments. Among other things, it will drop the current practice of waiting to make such payments until businesses have closed their books for each month.