and republicans like richard shelby said today that the real problem with this deal from last night is that it doesn't cut any spending. take a listen. >> this will be part of his legacy. the failure to step up and do the big thing when he could, he could have brought leadership to the table. he didn't. now he is wanting to talk about cutting spending, it's kind of a joke. >> now, this is why there is a lot of republicans like richard shelby who are upset about the deal that was passed last night and that's why they are looking to the debt ceiling fight ahead, which would probably happen next month in february to say that this is a real opportunity to force the president because he wants to raise the debt ceiling to get symptom spending cuts out of him. if you thought the battle in recent weeks was tough, this one could be even nastier, jon. >> jon: can't wait. ed henry at the white house. good to see you. >> good to see you. >> jon: not enough. according to the mooney's credit rating industry. moodies would weight and see what the outcome of all of this is in the next few months befor

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richard shelby is questioning. >> are you confident banks have not outsourced their due dilligence? and is that a problem? it seems to be a concern to a lot of people. >> it didn't take long for you to get right to the heart of the matter. i have spoken on this -- i wouldn't go so far to say banks outsourced it lock, stock, and barrell. but the high credit ratings and the debt obligations on the asset-backed securities were considered senior to aaa securities. there was a reliance on that rating. there was an undue reliance on the credit ratings. >> credit was a problem in the crisis -- they were paid by the issuers to sell the securities. they had high ratings -- >> ratings agencies? >> moody's -- they are -- corporations whose business it is to evaluate the credit quality and there are some problems there. the ratings organizations backed by mortgages and instruments derivative of the first line securitizations which john dugan was referring to. they didn't do their homework and never looked at the lones to see -- loans to see if they were underwritten. the issue was either, the b

we are going to talk about it with congressman darrel issa of california and senator richard shelby ofabama and dana perino. get this. ted pay attention. find camera 3 dr. neil warren and ceo co founder of e harmony.com is going to tell you how to find love in the new year. you hear me ted? he hears me. fox and friends kicks off 10 minutes from now right here on your channel for love. fox news channel. >> staffers are living large having million dollar conferences at fancy hotels thanks to member dues. according to the new york post the union spent $166 million last year on training meetings and events. good news if you packed on pounds it could help you live longer. those slightly plump may live longer than those who are skinny. they exercise more and try to eat better to counter that. >>> kids in one new jersey town will arrive at school this morning with armed guards on patrol. the district made a decision after the tragedy at sandy hook to protect students and teachers. the decision is stirring up controversy. christine has more. >>> these schools already have tight security there

richard shelby from alabama is here. you served with chuck hagel. what are your thoughts about him as a potential secretary of defense? >> i have known him a long time, he has had a great experience. the system will have to play out. if he is nominated, he will go before the armed services committee and let's see what happens. he is experienced. he is a combat veteran. he has been around. he does bring more than a little dust up with him. let it play out. let's see what happens. >> the dustup, does that concern you? he has made what some have interpreted to be anti-semetic, or anti-israeli comments? >> i think it concerns, not just me, but a lot of people. he would be secretary of defense. if he were nominated and if we were confirmed, that's a very, very important job, a very sensitive job, a very powerful job. all of this, if he is nominated will have to play out in his confirmation hearings and perhaps later on the floor of the senate in a debate. i can't predict if he will be nominated or confirmed. but give him every consideration, but keep you

c-span: here is senator richard shelby talking to you about what you should be doing your job. >> this is a very important job you occupy. special inspector general for this talker. a lifetime opportunity public-service but very few people ever have to do rate. you might be unemployable after you do this, but you know and i know that these people have got to fear you and your office. if they don't fear you, they're going to play with you. go to niaid this. senator dodd wants to tell this committee what you need at all times. if somebody stifling you, we want to know. c-span: what kind of money to the congress give you to spend in your job? >> guest: the original outlay of $50 million. reiko how long? >> guest: basically until we ran out. on the back we have to go through the normal budgetary process or treasury in the white house to get additional funds. i will say in this age of a lot of agencies getting to funding, we never had a problem. we were always not been adequately funded. senator shelby kept it on his promise congress to make sure not only did we have adequate resources to d

richard shelby, senator from alabama, thank you very much for joining us. >> thank you. >> steve: allahead, video that's going to make your heart stop. people trying to help save somebody need to be saved themselves. the rescuers needed a rescue. then there is a sure fire way to get a raise in this economy and we summoned the premiere expert to help. he's a self-made millionaire. that guy right there is going to help you as we roll on. >> brian: i'm in the control room. let me tell you what's happening in the world right now as we give you the quick headlines. the upon larrity of zip cars has been -- popularity of zip cars is spreading. they bought the car sharing company for $500 million. the control room is loud. zip car let's customers get in cars in advance or immediately. avis says it will use it until it can offer them for car sharing. let's come back to me for a second. naked man in california seen holding a rifle and then a samurai sword. he's been arrested after a stand-off with police. no one was hurt and there is no word on why he did either thing. we know he's well armed a

peter: we wanted to sit down with senator crapo who is taking over from senator richard shelby and ibout his top priorities as the new head republican on the committee and he said number one oversight of dodd-frank reform legislation implementation along with some legislative fixes to that legislation and reform of any mae, freddie mac and the at h a. the big thing is consumer protection agency which was created as part of dodd-frank, the president has renominated richard cordray as director of the agency, republicans blocked in protest over the way the agency was set up. the president resets -- recessed appointed him last january. he has nominated him once again to be the official head of that agency but crapo said they could block the nomination unless they get the changes of the agency. take a listen. >> our concerns are the agency has given all of its power to one individual, the director, no board, no commission and that needs to be corrected. secondly there is no congressional oversight once the directors put into place over the budget. there is not even any kind of requirement

tom harkin, tom carper and michael bennet voted no and mike lee, richard shelby, rand paul, chuck grassleyco rubio. setting politics aside for a moment answer the question most of you are probably wondering on this new year's day, what does the measure mean for me and my wallet? cnn's christine romans is crunching the numbers. christine? >> joe for 98% income tax rates will not go up to the clinton era levels. it means if you're unemployed and you've got your last unemployment benefits check, the federal unemployment benefits check last friday, will you get another check. unemployment benefits have been extended. if you're a teacher who writes off supplies you buy for your classroom you're able to do that. if you're a doctor you're not getting a pay cut because of your medicare reimbursement falling off the fiscal cliff so a lot of different corners of society are not going to see their taxes rise but i really want to point out the payroll tax holiday was not part of this deal. for 160 million of you, 160 million of you, you're going to see higher social security taxes, you're going to see

so did mike lee, richard shelby, rand paul, chuck %a#zgrassley, o rubio, a tiny minority.the senate passed the fiscal cliff deal with an overwhelming bipartisan vote. it was 89-8. want to bring in jessica yellin at the white house. you, too, were up late early in the morning here. the president, how does he feel things are going? we went over the cliff but clearly there's still more work to be done. >> reporter: well, look, they're not coming out and talking so they're being careful and letting the process unfold as it needs to. but there's a sense here that this deal will get done. and that they have wrapped up this -- this part of the process will be wrapped up today, suzanne. and you know, i'd say that there's also a sense here that the president did get a win. that's the view from this end of pennsylvania avenue. there are many different views on the other end. the sense here is that, for example, this is as they're saying in their talking points the first bipartisan agreement to raise taxes on the wealthy in 20 years. now, that is, in fact, an accomplishment for a dem

richard shelby, republican from alabama. michael pw*epb net, democrat from colorado. charles grassley, republican from iowa. and marco rubio, republican from florida. rubio said he couldn't vote for it because two weeks -- years ago he ran on the idea i wanted to be a part of solving the long term problems the country faces. and last night's vote did not do it. >> because of the spending issues. >> exactly. >> what we haven't done is outline what was in the deal that passed last night at about 2 a.m. in the morning. >> would you do that. >> first off, in terms of the threshold of taxes going up on those horrible successful people who make over $250,000, they can make it up to $400,000 for individuals, $450,000 for couples. it is an increase for republicans but it is a tax on people who are successful and supposed to be the types of people who would hire others. the rate for them goes up from 35% to 39.6%. call it 40%. when you look at dividends and when you look at capital gains, it goes up for those people who make over the same amount, although $250,000 is going to

listen to this remarkable statement from senator richard shelby on "fox and friends" a few short moments ago. >> i think that the president missed a great opportunity, one of leadership. he is just been reelected. he has four years left and this will be part of his legacy, the failure to step up and do the big thing when he could. he could have brought leadership to the table. he didn't. now he is wanting to talk about cutting spending? it is kind of a joke. >> reporter: some see this looming battle two months down the road for a third round of a prizefight. first round many say republicans won. that was 2000 debt sequester creation. second round many say the white house won that crafted last night. the third round we'll see. bill: doug, thank you for that. we'll be back in touch next hour. arthel. arthel: the bill may have passed but 167 representatives voted against it, that includes democrats and republicans. tennessee republican marsha blackburn was one of the lawmakers who voted against the bill and she will be here to explain why. that is coming up next hour. bill: we'll look forwa

a big picture of you and him -- >> richard shelby. >> who used to be a democrat.t biden are about to have with all of these big wigs. it happens in statuary hall. we get these pictures of it, but then beyond this, it is a closed press event, which we do not get to cover. a closed press event, which naturally has really good food. steamed lobster dressed with a new england clam chowder sauce. that's lobster and chowder together. served on sauteed spinach with sweet potato hay. >> they're even drinking new york schumer. >> imported from new york. >> bison and wine huckleberry reduction, red potato horse radish cake and green beans and butternut squash puree. get your vegetables. the wine for the main course is a long island merlot. >> that's a clinton meal right there. a whole lot of beef there. he likes -- he is a vegetarian. >> for dessert there's hudson valley preponderancele pie, hudson valley apple pie with sour cream ice cream and meat ball carmel sauce. there are aged cheeses and a honey comb from a cheese company in upstate new york. noticing a theme? the sp