From the Washington Post’s Federal Eye:
BP has reimbursed the federal government $518 million for clean-up costs for the April oil spill in the Gulf of Mexico, a sum that has hit $581 million and keeps growing, congressional auditors said.
Auditors said there was about $1.6 billion in the fund as of the end of September. But to limit the government’s exposure, the law caps at $1 billion what agencies can draw from it for cleanup costs — even if the oil company responsible for a spill pledges to reimburse the government for all costs. The fund is at risk in the near future of reaching the limit of what the government can spend, the GAO said.