OBAMA: I Take Responsibility For Not Moving Faster On Gulf Oil Spill

Vowing that BP will have to "pay dearly" for the Gulf oil spill, the president also acknowledged that the federal government did not move quickly enough at first.

“We are relying on every resource and every idea, every expert and every bit of technology to work to stop it,” the president said. “We will take ideas from anywhere but we are going to stop it. I know that doesn’t lessen the enormous sense of anger and frustration felt by people on the Gulf and so many Americans.” Fielding questions from reporters, Mr. Obama acknowledged that he should have moved more aggressively before the oil spill to clean up what he called a cozy and corrupt relationship between regulators and the oil industry. “Absolutely, I take responsibility for that,” he said. “There wasn’t a sufficient urgency.” Although the regulators were in some instances constrained by law from being more thoroughgoing, he added, “We should have busted through those constraints.”