Obama Says BP to Pay for Damage Caused by `Recklessness'

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June 16 (Bloomberg) -- Bloomberg's Hans Nichols reports on President Barack Obama's national address on Tuesday about BP Plc's oil spill in the Gulf of Mexico. Obama said the spill is an urgent call for action to cut U.S. dependence on fossil fuels and vowed that BP will be required to spend whatever is needed to repair damage caused by the company’s "recklessness." The oil gushing from a damaged BP well in the Gulf is threatening the shores of four states, and a team of scientists yesterday raised the estimate of the leak rate to 35,000 to 60,000 barrels a day. Bloomberg's Mark Barton also speaks. (Source: Bloomberg)

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