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Temperatures holding up to show the rain refreeze. we have warnings in effect through tennessee and mississippi and northeastern portions of louisiana. talking about anywhere from 3-5 inches of snow forecast up state new york and southern new england into the state of maine. less than two-thirds of the country very chilly. 29 in dallas otherwise in florida on the warm side. 67 in tampa. it is time now for stories you can bank on this morning. a strong warning for lawmakers from one of the major credit rating agencies. lauren simonetti joins us from fox business network. >> good morning. soun...

Richard, as you know the senate passed this bipartisan vote with 89 votes about 2:00 this morning, speaking to the members on both sides, mitch mcconnell we're going to move forward with parts of this bill at least we'll move forward, we may not like it. joe biden came democrats were on board. and all that was left was john boehner to sell the plan to republicans. then we get word that eric cantor had some problems with the bill. that a lot of house republicans had problems with the bill. and then we sort of see the collapse of the bill among the house gops. talk that it may be amended, that i...

A total tail spin. they've understood for a while we could not solve the problem before the new year and i think they've also understood it's not a cliff, it's more like a slope. the problem, of course, is that with huge spending cuts and tax hikes, you could send the economy into recession and that is true if that keeps up for a while, if congress, for instance, on january 20th, let's say, repeals the tax hikes retroactively to january 1st and restores the spending, i don't think there's any great impact. the market will readjust and you have some flexibility. but not too much. you've got to ...

The middle of the country on christmas day is now spreading east, causing up to 19 tornados, that was a potential christmas day record. the storm is also causing massive flight delays and cancellations. at least 1,176 since yesterday morning, and that number is expected to grow throughout the day. the airports most effected by cancellations, indianapolis, dallas-fort worth, chicago o'hare and washington dulles. the dow has closed reflecting the uncertainty with six days to go before potentially devastating impacts to an already fragile economy. joining me now from new york, congressman jer...

What did the secretary of defense going to do? republicans have to rethink the idea this is obama's idea if we get the huge cut in defense that are unsupportable. >> they are bluffing that they don't care about going over the fiscal cliff. a bluff. it will send economy in a tail spin. >> i don't think so. the president is fine going over the cliff. if you look what he gets and the ability to play hero if the country went over the cliff, the president can remedy two problems that democrats faced for years. he becomes a huge tax cutter. he can restore the defense cut. i think the point that you ...