Michele Bachmann: BP Escrow Fund Shouldn't be Used for Political Purposes

AP

It's a good thing that BP agreed to put $20 billion into an independently-run escrow fund to pay for economic damages from the Gulf oil spill, Rep. Michele Bachmann (R-Minn.) said in an interview with CBS Minneapolis station WCCO Wednesday. She added, however, that the next step is to make sure the money is distributed appropriately and not misused for political purposes.

"We want to make sure people are fully compensated," Bachmann said. At the same time, she said, it's important to understand the fund is not necessarily "an unending pot of money."

"This can't be, in other words, a political distribution of money," Bachmann said.

Bachmann, like other Republican and Democratic lawmakers, said "the American taxpayer shouldn't be on the hook for even one dime of this damage" from the spill. She said that the escrow fund ensures "at least that little bit of breathing space to know that there will be money that people can access to compensate for their losses."

While she approves of the deal the White House negotiated with BP over the escrow fund, Bachmann said it appears "the president has taken his eye off the ball" when it comes to the most important task at hand -- stopping the leak.

CBSNews.com Special Report: Disaster in the Gulf

"The emphasis has been on... who's rear end to kick or who to bring a criminal lawsuit against," she said. "The very first signal the administration sent is, 'We're going to criminally sue you.' We need to know, did that cause BP to pull back?"

She added that the president's decision to put a moratorium on deep water offshore drilling will send oil rigs to other countries, further damaging the U.S. economy.

"We have three [rigs] that have already left the Gulf region and have made commitments elsewhere, how many more will there be?" she said. "The rest of the world hasn't shut down their drilling."

Watch the report from WCCO below:

Local Video from WCCO in Minneapolis/St. Paul

---

[baukunin]

Like Joe Barton, Rep. Bachmann has realized that even her dumber constituents can understand that she has gone way over the top. She has backed off her "extortion" remarks, though she still subscribes to "shakedown."

Exxon stalled for 21 years on paying Valdez claims, eventually settling for a nickel on the dollar, thanks to all those Reagan and Bush appointees on the Supreme Court. BP has shown itself to be even more reckless than Hazelwood's bosses. It's a very wise thing that Obama has done.

Bachmann has received $70,000 in campaign contributions from Big Oil. That was obviously money very well spent.

[Bisk1]

She added that the president's decision to put a moratorium on deep water offshore drilling will send oil rigs to other countries, further damaging the U.S. economy.


"We have three [rigs] that have already left the Gulf region and have made commitments elsewhere, how many more will there be?" she said. "The rest of the world hasn't shut down their drilling."

*******

This very Dumb Repug is still singing 'Drill Baby Drill' - in light of this spill. Dumb Repugs !!

[antoniof123]

This woman is an idiot and needs to shut her fat trap. Of course she doesn't want it because it makes her look like what she is an idiot.

[StewieEsq]

Tsigili has swallowed all that GOP kool-aid: "oh, the feds will allow more fraud than BP." Ha. BP wouldn't even be funding this if it weren't for the Feds, obama, and what few regulatory powers survied the Bush years. Just as with Wall Street and the market collapses, each year we get another example of how the private sector cannot and will not regulate itself yet Republicans continue to try to gull us into thinking otherwise.

[tsigili]

The question is......are the Feds any more capable of minimizing fraud, than BP is? Probably not. Perhaps even, they will be LESS capable of minimizing fraud.....as it seems the Feds allow rampant fraud in most programs.

However, it may be the most expeditious way for claimants to get timely payments, which will be sorely needed.

[pablopayne]

Nolieshere, I live in the 6th district of Minnesota (Bachmann territory) and I can tell you that you nailed it right on the head. The people here are all incredibly simple minded people.

[nolieshere]

I don't even want to meet the poor, demented mutants that voted for this retard.

[mikelpond]

People often worry about the crimes they themselves would commit if it were in their power. Michele would be passing out envelopes full of cash on the House floor if she were in charge of this fund; that's why this is the first thing that occurs to her.