President Obama will deliver a statement this afternoon following his meeting with executives from BP on the oil spill. It is expected that the president will announce a deal with BP for a $20 billion spill-victim fund.
ABC will break in with a special report anchored by Diane Sawyer with David Muir in the Gulf region. Lester Holt will anchor a report for NBC.
The cablers are also awaiting the statement. Fox News will have Trace Gallagher in the gulf coast with reaction from residents.
Update: While the remarks were schedule for 12:15 from the Rose Garden, delays and rain resulted in the President speaking indoors between roughly 2:27-2:34pmET.