UPDATE 1-Obama says oil spill ‘will be contained’

(adds quotes from Obama)

WASHINGTON, June 7 (BestGrowthStock) – U.S. President Barack Obama
sought to reassure Americans on Monday that the Gulf of Mexico
oil spill will be stopped, even as he warned that the economic
impacts of the disaster would be substantial and ongoing.

“This will be contained,” Obama told journalists in a
forceful voice after a meeting about the spill with cabinet
officials at the White House. “It may take some time and it’s
going to take a whole lot of effort… But the one thing I’m
absolutely confident about is that, as we have before, we will
get through this crisis.”

Obama has come under pressure for not showing enough
personal involvement in the spill response effort. On Friday he
traveled to Louisiana to meet with local business owners
affected by the disaster.

“The economic impact of this disaster is going to be
substantial and it is going to be ongoing,” he said on Monday,
surrounded by his top economic and environmental advisers.

Obama said the administration was pushing BP to be prepared
for a hurricane to make sure its efforts to contain the spill
were not disrupted.

He repeated that he did not want to see the London-based
company “nickel and diming these businesses that are having a
very tough time.”

Obama and other administration officials have been focusing
criticism on BP’s response to damage claims in recent days.

Investing Basics

(Reporting by Jeff Mason)

UPDATE 1-Obama says oil spill ‘will be contained’