The following is the quote in question:
SCHIEFFER: Well, let me just start where Robert Gibbs was talking about that the administration has done everything possible--morning, noon, and daylight, nighttime, too--to get this thing fixed down in the Gulf. Senator, do you think they’ve done everything they could do?
ALEXANDER: Bob, I’m not-- I’m not going to start pointing fingers at the administration. There’s one thing they could do under the law. They can fire BP and take it over. But the truth is the federal government probably doesn’t have the capacity to do that. I think we ought to allow the administration working with the governments and others to do its best to clean it up and make our verdict about the blame later.
SCHIEFFER: But would you favor taking over BP if that became necessary?
ALEXANDER: Sure. That’s up to the President to decide. Under the law we know who pays. That’s BP. They are the responsible party. And we know who is managing the federal effort. That’s the Coast Guard. But under the law, the federal government can take it over if they choose. And I understand why they might not choose but that option exists.
Alexander's meaning is clear: The government could take over the clean up effort.
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