5 Things to Know This Morning

PHOTO: A Toyota sign hangs over a dealership in Centennial, Colo.David Zalubowski/AP PHoto
A Toyota sign hangs over a dealership in Centennial, Colo.

Your look at the five biggest and most buzz-worthy stories of the morning.

1. Toyota Agrees to $1B Settlement

Toyota Motor Corp. has agreed to reimburse owners of up to 16 million cars and pay about $1.1 billion to install new safety equipment to settle a suit stemming between 2009 and 2010 recalls. The cars were recalled due to complaints of unintended accelerations.

2. More Than 30 Tornadoes Hit the Gulf Coast

The National Weather Service has released their reports on the more than 30 tornadoes that were reported on Christmas Day. A tornado in Mobile, Ala., has been rated an EF-2 with peak winds of 111 to 135 miles per hour while a tornado in Pearl River County, Miss., was rated an EF-3 with peak winds of 140 miles per hour.

3. Geithner Says US to Hit Debt Ceiling Before New Year

Treasury Secretary Timothy Geithner said Wednesday that the U.S. will reach the $16.4 trillion debt ceiling by the end of December. In a letter to House and Senate leaders, Geithner said that the Treasury will soon undertake accounting procedures to create $200 billion in headroom to delay a violation.

4. George H.W. Bush Fighting Fever in ICU

A fever that kept President George H.W. Bush hospitalized over Christmas has taken a turn for the worse, forcing doctors to put him on a liquids-only diet, his spokesman said Wednesday.

5. Hollywood Ticket Sales Up for First Time in 3 Years

Not only did Hollywood bring in a record $10.8 billion domestically in 2012, but the number of tickets sold went up for the first time in three years because of inflation. The industry rebounded this year with ticket sales projected to rise 5.6 percent to 1.36 billion by the last day of the year.