Obama on Wednesday will meet BP chairman Carl-Henric Svanberg and is expected to pressure BP to fund an escrow account -- administered by a third party -- to pay out claims to workers whose businesses and jobs have been affected by the spill.
"The president will make clear that he expects, and that if necessary will exercise his full legal authority to ensure, that BP sets aside the funds required to pay individuals and businesses damaged by this massive spill," a White House official said. "And that those funds will be paid out under fair, efficient, and transparent procedures administered by an independent third-party panel established just for this purpose."
The president spoke on Saturday with British Prime Minister David Cameron, and assured his British counterpart that there is no anti-British sentiment at play in the administration's tough words for BP.
"The president told the prime minister that our frustration has nothing to do with national identity but has to do with ensuring that a large, wealthy company lives up to its obligations," a senior official said. "He said BP must meet its obligations to those whose lives have been disrupted and we will insist everything be done to cap the well, capture the oil, and pay for the cleanup, the environmental damage done and the tens of thousands of economic claims as a result of this disaster."
ABC News' Ann Compton and Sam Champion contributed to this report.