Goodbye, U.S. Postal Service?

This Christmas could be the Post Office's last, says John Avlon.

STORY HIGHLIGHTS

• The U.S. Postal Service is bleeding money and heading toward insolvency


• John Avlon: Congress can save the postal service in deal on the fiscal cliff


• He says the urgency is clear, let's hope for a Christmas miracle


• Avlon: But be prepared that Washington dysfunction can doom the postal service

Editor's note: John Avlon is a CNN contributor and senior political columnist for Newsweek and The Daily Beast. He is co-editor of the book "Deadline Artists: America's Greatest Newspaper Columns." He is a regular contributor to "Erin Burnett OutFront" and is a member of the OutFront Political Strike Team. For more political analysis, tune in to "Erin Burnett OutFront" at 7 ET weeknights.

(CNN) -- It's the time of year for dashing through the snow to the crowded post office, with arms full of holiday gifts for family and friends.

Not to break the atmosphere of holiday cheer, but this Christmas could be the last for the U.S. Postal Service. It is losing $25 million dollars a day and staring down insolvency -- unless Congress steps in to pass a reform package that reduces its costs.

With just a few days left in the congressional calendar, there is still some small hope for a Christmas miracle -- maybe the Postal Service can be saved as part of a deal on the fiscal cliff. But with even Hurricane Sandy relief stalled, skepticism is growing.

John Avlon

The real question is, what's taken them so long? After all, back in April the Senate passed an imperfect but bipartisan bill by 62-37. It would have saved some $20 billion, cut some 100 distribution centers, and reduced head count by an additional 100,000 through incentives for early retirement, while reducing red tape to encourage entrepreneurialism and keeping Saturday delivery in place for at least another two years. At the time, Sen. Tom Carper of Delaware said, "The situation is not hopeless; the situation is dire. My hope is that our friends over in the U.S. House, given the bipartisan steps we took this week, will feel a sense of urgency."

To which the House might as well have replied, "Not so much."

In August, the Postal Service defaulted for the first time, unable to make a $5.5 billion payment to fund future retirees' health benefits. The headline in Government Executive magazine said it all: "Postal Service defaults, Congress does nothing."

The usual suspects were at fault -- hyperpartisan politics and the ideological arrogance that always makes the perfect the enemy of the good.

House Oversight Committee Chairman Darrell Issa greeted the news of the Senate bill by calling it a "taxpayer-funded bailout." His primary complaint was that the Senate bill did not go far enough. He was not alone -- Postmaster General Patrick Donahoe also expressed disappointment at the scope of the Senate bill, saying that it fell "far short of the Postal Service's plan."

But Issa's alternative couldn't even get to a vote in the Republican-controlled House. And so nothing happened. Even after the USPS defaulted on a second $5.5 billion payment, the response was crickets.

Washington insiders said that action would be taken after the election, when lawmakers would be free to make potentially unpopular decisions. But despite a series of closed-door meetings, nothing has been done.

It's possible that the nearly $20 billion in savings could be part of a fiscal cliff deal. Sen. Joseph Lieberman has suggested that ending Saturday delivery, except for packages, could be part of a compromise that could save big bucks down the road. Another aspect of a savings plan could be suspending the USPS' onerous obligation to fully fund its pension costs upfront, a requirement that would push many businesses into bankruptcy. And last fiscal year, the post office posted a record $15.9 billion loss.

"As the nation creeps toward the 'fiscal cliff,' the U.S. Postal Service is clearly marching toward a financial collapse of its own," says Carper. "The Postal Service's financial crisis is growing worse, not better. It is imperative that Congress get to work on this issue and find a solution immediately. ... Recently key House and Senate leaders on postal reform have had productive discussions on a path forward, and while there may be some differences of opinion in some of the policy approaches needed to save the Postal Service, there is broad agreement that reform needs to happen -- the sooner the better."

The urgency couldn't be clearer -- but even at this yuletide 11th hour, signs of progress are slim to none. If Congress fails to pass a bill, we'll be back to square one in the new year, with the Senate needing to pass a new bill which will then have to be ratified by the House. There is just no rational reason to think that lift will be any easier in the next Congress than in the current lame duck Congress, where our elected officials are supposedly more free to do the right thing, freed from electoral consequences.

So as you crowd your local post office this holiday season, look around and realize that the clock is ticking. The Postal Service is fighting for its life. And Congress seems determined to ignore its cries for help.

"Neither rain nor snow nor sleet nor gloom of night" can stop the U.S. Postal Service from making its appointed rounds -- but congressional division and dysfunction apparently can.

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The opinions expressed in this commentary are solely those of John Avlon.

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Moments of silence, bells mark US school shooting

NEWTOWN: Mourners in Newtown, Connecticut, stood in silence under heavy rain while church bells rang to honour the 20 young children and six staff massacred in a school shooting a week ago.

The sombre scene at 9:30 am local time, the moment a week earlier when a deranged local man armed with semiautomatic weapons burst into the Sandy Hook Elementary School, was echoed around the country in an unofficial national day of mourning.

President Barack Obama observed the moment of silence at the White House and he tweeted: "20 beautiful children & 6 remarkable adults. Together, we will carry on & make our country worthy of their memory."

Connecticut State Governor Dannel Malloy had been the first to call on residents to stop and reflect in silence at the exact minute that 20-year-old Adam Lanza began his slaughter of the six- and seven-year-old children and their school staff.

"Let us all come together collectively to mourn the loss of far too many promising lives," Malloy said. "Though we will never know the full measure of sorrow experienced by these families, we can let them know that we stand with them during this difficult time."

Malloy asked for churches and government buildings to ring bells 26 times, symbolizing each of the victims in the school.

In Newton, bells rang as people on the street stood in a cold, driving rain.

Outside the fire station near the school, which remains closed off by police, a woman brushed tears and raindrops away from a man's face. Some stood stoically, heads bowed, while others sobbed.

Several firemen emerged from the station in full bunker gear and hugged the mourners. The rain was so hard that from the impromptu memorial, the sound of church bells couldn't even be heard, while wind and water had knocked down several Christmas trees erected to remember the dead children.

And the people of Newtown were far from alone.

Malloy's appeal was quickly matched by state governors from Hawaii to Florida, who called on residents to observe their own moment of silence in solidarity.

Houses of worship around the country also embraced the week's anniversary.

The National Council of Churches said that thousands of churches would "observe a minute of silence and at 9:30 am Friday sound their bells 26 times in memory of the victims who died in the school."

On the crowd-sourced charity site, causes.com, almost 177,000 people had signed up by early Friday to pledge a moment's silence.

The first lady, Michelle Obama, wrote to the people of Newtown that "as a mother of two young daughters, my heart aches for you and your families."

However, "the countless acts of courage, kindness and love here in Newtown and across America" had inspired her to believe the country had shown its good side in the aftermath of the massacre, she said.

- AFP/jc

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Best moments

STORY HIGHLIGHTS

• CNN asked people from all over the world to send in their best moments of 2012


• From the Philippines to Scotland, hundreds of people sent their most memorable images


• Submissions include exhilarating holidays, the birth of kids, the realization of dreams

What was your best moment of 2012? Send us your pictures

(CNN) -- For some it was an exhilarating holiday to an exotic place, finding new love or conquering their greatest fear. For others, it was witnessing an historic event.

And for a few, it was simply a case of being in the right place at the right time to capture a moment that will forever stick in the mind.

CNN asked people from all over the world to send in their highlight of the year. From the Philippines, to Scotland, to South Africa, hundreds of people shared their most treasured images.

2012 was the year the Olympics games came to London, and, unsurprisingly, many people sent in their images of the various competitions held around the capital.

Read: Your photos from Australia's total solar eclipse

Sub-zero swim

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Gaya Ilang, who works as the artist Gaya3in1, was lucky enough to participate in the Games' spectacular opening ceremony -- playing a nurse. She sent in an image of proud participants posing eagerly just before they took part in the ceremony.

"I like this [image] as it has performers from different categories -- a snapshot of the ceremony -- and reminds me of the excitement of the day, clearly visible on everyone's faces," she said.

Sport of a non-Olympic kind captured the imagination of Jamie McCaffrey from Ottawa, Canada. He submitted this lively image of soldiers from the Lake Superior Scottish Regiment of the Canadian Army Reserves competing in the tug of war at the annual Glengarry Highland Games in Maxville Ontario.

"The sight of these soldiers in a brutal test of raw strength while combined with the skirl of the pipes, the colors and flash of the different tartans on the kilts, and the cheer of the crowd was a feast for the eyes and ears," he said.

"Although, I understand that the music of the bagpipes may not be for everyone -- subtle it is not," he added.

Read: Your Diwali shots from around the world

From the bombast of organized games to the quiet joy of a proud parent, many people chose their children as the source of their best moments of 2012.

Charlotte Brocker from Berlin, Germany, captured a wonderful image of her son Malik wearing his Ramones t-shirt on a bike ride in August.

My cheerful and determined young man helped me to realize what matters in life and what doesn't
Charlotte Bröcker, iReporter

Malik was born with clubbed feet and a physical condition called Arthrogryposis Multiplex Congenitas, which means he has little muscle strength in his limbs.

His mother took the photo in August after casts set on Malik's legs to strengthen them had been taken off.

"My cheerful and determined young man helped me to realize what matters in life and what doesn't," she said.

"Malik is a very happy, easy going young man, not much can hold him back, not even being stuck in casts. I also love how he's rocking that t-shirt!"

For some, 2012 was the year not just of striking out on to new journeys, but of returning home.

Jessica Munoz from California, U.S., was thrilled to be reunited with her soldier husband on his return from Afghanistan. The poignant moment when she was reunited with her husband was captured by her friend, Libby Lugo.

"My friend literally grabbed the camera out of my hands and pushed me in the right direction [to her husband]," she said.

"All the stress and fear and pain suddenly were replaced with love and magic and joy. I felt like I had gotten something precious back that was taken from me."

And sometimes it was images even closer to home that made for the best moments of the year. Even right outside the window.

Read: The Philippines shows the world how to celebrate Christmas

Abdel Hamid Zein took these beautiful, surreal images from the window of his 50th floor apartment in Dubai.

All the stress and fear and pain suddenly were replaced with love and magic and joy
Jessica Munoz, iReporter

"It is foggy in Dubai on rare occasions and usually lasts for two to three hours in the morning," he said.

"It was quite impressive, because it's not everyday you wake up and you find yourself above the clouds."

And of course what year would be complete without at least one ambition being realised?

For Julie Fox, a trip to Elvas, Portugal to ride a balloon at the International Hot Air Balloon Festival provided the chance to tick one dream off her life list -- particularly when she found out the rides were free.

"I'd always had a romantic image of hot air ballooning over the Serengeti or somewhere like that but have never been able to afford it," she said.

"The whole experience: Inflation, take off, the quiet contemplation of the countryside and the aerial views, wondering where we would land and the fun of packing up the balloon before driving back to the launch site is something that will stay with me forever."

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John Kerry tapped to be next Secretary of State

President Obama is nominating Sen. John Kerry, D-Mass., to replace Hillary Clinton as Secretary of State, CBS News has learned. An official announcement is forthcoming later today.

Kerry, the 2004 Democratic presidential nominee, has widely been seen as the frontrunner for the position since U.N. ambassador Susan Rice withdrew her name from consideration. Rice came under heavy fire from Republican senators for putting forth a flawed explanation of the events in the Sept. 11 consulate attack in Benghazi, Libya in the days after the attack.

Kerry is expected to be confirmed with relative ease in the Senate. The 69-year-old senator is chairman of the Senate Foreign Relations Committee and is widely respected in Democratic foreign policy circles. Clinton plans to leave her post in January.

Massachusetts Gov. Deval Patrick will now appoint someone to serve in Kerry's seat until a special election is held between 145 and 160 days of Kerry leaving the Senate. Soon-to-be-former Sen. Scott Brown, R-Mass., who lost his seat in November, could run on the Republican side. Democrats being discussed include Ted Kennedy Jr., Reps. Ed Markey, Michael Capuano, Steve Lynch, and even actor Ben Affleck.

CBS News' Major Garrett and Caroline Horn contributed to this report.

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Amid Protest, NRA Calls for Armed Guards in Schools

The National Rifle Association stood its ground today in arguing that the answer to gun violence in schools is an armed security force that can protect students, while blaming the media and violent entertainment and video games for recent deadly shootings.

"The only thing that can stop a bad guy with a gun is a good guy with a gun," NRA executive vice president Wayne LaPierre said in presenting the NRA's first comments about the Connecticut school shooting since it occurred a week ago today.

LaPierre offered no olive branch to gun-control advocates who have called for tougher laws in the wake of the shooting at Sandy Hook Elementary School. Instead, he called for schools across the country to recruit armed security professionals to protect their students.

"It's not just our duty to protect [our children], it's our right to protect them," LaPierre said at a news conference. "The NRA knows there are millions of qualified active and reserved police, active and reserve military, security professionals, rescue personnel, an extraordinary corps of qualified trained citizens to join with local school officials and police in devising a protection plan for every single school."

He was interrupted twice by protestors who stood in front of LaPierre's podium holding signs and shouting that the NRA "has blood on its hands" and that the NRA is "killing our kids." The protestors were eventually escorted out of the room.

LaPierre also scoffed at the notion that banning so-called assault weapons or enacting gun control laws would stop school violence. He instead cast blame for gun violence in schools on violent entertainment, including video games, and the media.

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"How many more copycats are waiting in the wings for their moment of fame from a national media machine that rewards them with a wall of attention they crave while provoking others to make their mark?" he asked.

LaPierre announced that former U.S. congressman Asa Hutchinson of Arkansas would lead the NRA's effort to advocate for school security forces. Hutchinson specified that the NRA is calling for volunteers to act as the armed guards, rather than requiring funding from local or federal authorities.

"Whether they're retired police, retired military or rescue personnel, I think there are people in every community in this country who would be happy to serve if only someone asked them and gave them the training and certifications to do so," Hutchinson said.

NRA leaders have held off on interviews this week after refusing to appear on Sunday morning public affairs shows. They said they would grant interviews beginning next week to discuss their position.

NRA News anchor Ginny Simone said Thursday that in the wake of the Sandy Hook shooting, membership surged "with an average of 8,000 new members a day."

New York City Mayor Michael Bloomberg has said the NRA is partially to blame for the tragedy.

"We're not trying to take away your right to advance the interests of gun owners, hunters, people who want to protect themselves," Bloomberg told "Nightline" anchor Cynthia McFadden in an interview Thursday. "But that's not an absolute right to encourage behavior which causes things like Connecticut. In fact, Connecticut is because of some of their actions."

The guns used in the attack were legally purchased and owned by the shooter's mother, Nancy Lanza, whom Adam Lanza shot to death before his assault on the school.

In the aftermath of the shooting, many, including Bloomberg, have called for stricter regulations on the type of weapons used in this and other instances of mass gun violence this year.

Sen. Dianne Feinstein, D-Calif., has said she intends to introduce a bill banning assault weapons on the first day of next year's Congress -- a step the president said he supports.

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Is Newtown tipping point for change?

By Piers Morgan, CNN

December 20, 2012 -- Updated 1627 GMT (0027 HKT)

STORY HIGHLIGHTS

• Piers Morgan: Past gun-related tragedies haven't led to any action


• He says that must change, and he hosted a debate on the issue


• Morgan: Laws must be changed to limit weapons, ammunition and enforce background checks


• Rights of Americans who use guns for hunting and sport must be respected, he says

(CNN) -- On Wednesday night, I hosted a town hall-style debate on guns in America, talking to lawmakers, mass shooting survivors, lawyers, gun lobbyists -- anyone, basically, who has a strong opinion about what I consider to be the single biggest issue facing America today.

Since I joined CNN two years ago, there have been a series of gun-related tragedies, including the attack on U.S. Rep. Gabrielle Giffords and the Aurora, Colorado, movie theater massacre.

Each sparked a short-term debate about guns. Yet each debate fizzled out with zero action being taken to try and curb the use of deadly weapons on the streets of America.

Piers Morgan

Now, following the grotesque slaughter of 20 innocent young children at Sandy Hook Elementary School in Newtown, Connecticut, I sense that the mood has changed.

We have reached a crucial moment in this debate, and I intend to use my platform to continue this conversation on Wednesday night and going forward. The media have previously been quick to move on to other stories after these tragic acts of gun violence. That must change.

Opinion: Don't let this moment pass without acting on gun control

I've made my own views clear on my show -- the senseless killing has to stop. High-powered assault rifles of the type used at Aurora and Newtown belong in the military and police, not in civilian hands. High-capacity magazines, too, should be banned. And background checks on anyone buying guns in America should be comprehensive and stringently enforced.

As President Barack Obama said, doing nothing is no longer an option.

But, at the same time, law-abiding Americans who want to protect themselves under the Second Amendment right to bear arms must be respected. As should the rights of Americans to use guns for hunting and sport.

This is a vital debate for the country. Some 12,000 people are murdered in the United States with guns every year, compared with just 35 in Britain, where there are strong gun laws.

Analysis: Guns and the law

Sandy Hook should, and must, be a tipping point for real action to bring this number down.

Follow @CNNOpinion on Twitter.

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The opinions expressed in this commentary are solely those of Piers Morgan.

Watch Piers Morgan Tonight weeknights 9 p.m. ET. For the latest from Piers Morgan click here.

Part of complete coverage on

December 20, 2012 -- Updated 1441 GMT (2241 HKT)

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Get the latest opinion and analysis from CNN's columnists and contributors.

December 19, 2012 -- Updated 1544 GMT (2344 HKT)

Rebecca Buckwalter-Poza says the vice president, who shepherded the 1994 Violent Crime Control and Law Enforcement Act through the Senate, is the right man to lead new gun control efforts.

December 19, 2012 -- Updated 1711 GMT (0111 HKT)

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Van Jones says artists have gotten together to expose the fiscal cliff as a crisis manufactured to justify cuts in essential programs.

December 19, 2012 -- Updated 1933 GMT (0333 HKT)

James Garbarino says troubled, lonely boys view the world as hostile, and think their culture condones the use of violence to solve problems

December 19, 2012 -- Updated 1438 GMT (2238 HKT)

Lori Haas says our elected leaders have abandoned all sense of right and wrong despite epidemic deaths from guns.

December 18, 2012 -- Updated 1635 GMT (0035 HKT)

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December 18, 2012 -- Updated 1757 GMT (0157 HKT)

Deepak Chopra says if we stay glued to the media and relive Newtown over and over in our minds, we work against the healing process.

December 19, 2012 -- Updated 1423 GMT (2223 HKT)

Peter Bergen says gun violence claims proportionately more civilian lives in some U.S. cities than the civilian toll of the Afghan war.

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Russia's Putin denies propping up Assad

MOSCOW: Russian President Vladimir Putin on Thursday denied propping up Syrian President Bashar al-Assad and stressed that Moscow was only seeking to avert a perpetual civil war.

"We are not concerned about (Bashar Assad's fate. We understand that the family has been in power for 40 years and there is a need for change," Putin told a major Moscow press briefing.

But he made no call on Assad to step down and said it remained up to the Syrian people themselves to decide their future through peaceful talks.

"What is our position? Not to leave Assad's regime in power at any price, but to first (let the Syrians) agree among themselves how they should live next," Putin said.

"Only then should we start looking at ways to change the existing order."

Russia has remained Syria's main major ally throughout 21 months of violence that an opposition monitoring group said on Thursday has killed 44,000 people.

It scuttled three rounds of UN Security Council sanctions against Assad for his crackdown and condemned Washington for recognising the Syrian opposition as the legitimate voice of the country's citizens.

That position has frustrated Western attempts to end the bloodshed by forcing Assad from power. It has also condemned Moscow's continued military ties with Damascus.

Putin on Thursday argued that Russia's call for dialogue was meant to avert "an endless civil war" between the armed rebels and government forces who still control most of the capital Damascus.

"We want to avoid (Syrian) disintegration," said Putin.

Putin's comments came less than a week after Russia's chief Middle East envoy said it appeared that Assad would not be able to fend off the rebels much longer.

The foreign ministry later denied an official shift in Russia's position and noted that Moscow still recognised the Assad regime.

- AFP/fa

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Blizzard blasts upper Midwest

STORY HIGHLIGHTS

• NEW: A 30-car pileup in Iowa is blamed on blowing snow; one person is dead


• Heavy snow and high winds stretch from Iowa to Wisconsin in the season's first blizzard


• Tens of thousands are without power in Nebraska and Iowa


• The storm is forecast to crawl from the Midwest to New England by Friday

Is the storm hitting near you? Share your photos and videos on CNN iReport.

(CNN) -- Does the end of the world start with a snowstorm?

Probably not, but a blizzard in the upper Midwest is proving potent enough to cut power to tens of thousands of homes and force schools to call it quits from Nebraska to southern Wisconsin Thursday -- one day ahead of the official arrival of winter and, as it happens, the predicted Mayan apocalypse.

Blinding snow also is blamed for a 30-car pileup on Interstate 35 near Fort Dodge, Iowa, in which one person died, Sgt. Scott Bright of the Iowa State Patrol said Wednesday.

As much as another foot of wet, heavy snow is expected in places, accompanied by winds gusting to 50 mph and blowing snow that could reduce visibility to just about zero, forecasters warn.

In Omaha, Nebraska, utility crews struggled overnight -- sometimes in near whiteout conditions -- to restore power to 38,000 customers left in the dark by the storm, according to the Omaha Public Power District. The utility urged customers to brace for slow going.

In neighboring Iowa, more than 30,000 customers were without power, most of them in the Des Moines area, according to MidAmerican Energy.

The storm -- the first blizzard of the season -- made travel treacherous throughout the region. Nebraska authorities closed much of snow-packed Interstate 80 through the state Thursday morning as blowing snow dangerously reduced visibility.

I-80 also was closed around Des Moines, Iowa, Bright said.

"When the winds start to blow you can see about 5 feet in front of your vehicle" he said. "We've had major issues all over the place. We got around 10 to 12 inches throughout the state and it's a wet snow. We have around an inch of ice on our roadways."

He warned that even though conditions might not seem so bad around people's homes, they should not take that as a signal that the storm is over.

"It seems people are seeing the sun and venturing out, but it's not going to get hot enough to melt the ice from the roadways," he said. Department of Transportation workers are "out and they're plowing the roadways, but we're having 50 mph wind gusts that just blows the snow right back."

Close to 100 accidents had been reported in Iowa by late Wednesday morning, Bright said, "and we have a lot of jackknifed semis, which shut the roadway down."

Thick snow also blanketed the roads and swirled in the frigid air as CNN iReporter Kevin Cavallin drove through Ames, Iowa, late Wednesday night.

Occasional flashes of lightning illuminated the snow-covered scene, punctuated by windy gusts of up to 40 miles per hour, as Iowa shivered under its first significant snowfall of the year.

Fellow CNN iReporter Clarence Smith in Des Moines said it was the most snow he'd seen since 2009 -- and he warns its wet, heavy consistency was going to add to the challenges for motorists.

"I was just cleaning off my car and it is so wet, it is like plaster. It doesn't come off easily," he said. "At one point I was hitting it with a snow scraper, you can say chiseling, basically."

And while many Iowans may be cursing the weather Thursday as they slip and slide around, Smith points out that the state has enjoyed a record period without snow.

For CNN iReporter David Bell and three of his friends, the conditions were just too bad to continue driving home to Lincoln, Nebraska.

They holed up in a hotel overnight on their way back from a ski trip in Colorado after seeing several accidents on the interstate and highways.

"We knew the roads were icy, so we were driving slow," he said. "We could see about 100 yards, sometimes less. When the winds would gust the visibility would drop to 50 feet. There was a lot of snow, and we were driving east and the wind was blowing from the north, and it didn't help at all."

In Wisconsin, Gov. Scott Walker declared a state of emergency, put the National Guard and state patrol on standby and closed state offices to the public in 20 counties most likely to be affected by the storm. Employees were still expected to report for work.

As much as 7 inches was already on the ground Thursday morning in parts of southern Wisconsin, with as much as another foot on the way during the storm's predicted Thursday afternoon peak.

The Wisconsin State Patrol and National Weather Service urged people to avoid traveling.

Blizzard warnings were up Thursday for portions of Nebraska, Missouri, Minnesota, Illinois and Wisconsin and virtually all of Iowa. Winter storm warnings extended further into Missouri, Illinois and Wisconsin, as well as into Michigan and Indiana.

Most airports were operating normally, the Federal Aviation Administration reported. One major exception was O'Hare International Airport in Chicago, where incoming flights were running nearly two hours behind because of high winds, the FAA said.

The storm is expected to slide over New England by Friday.

CNN's Jim Kavanagh, Jareen Imam, Laura Smith-Spark, Carma Hassan and Joe Sutton contributed to this report.

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New York Stock Exchange to be sold

NEW YORK The New York Stock Exchange (NYX) is being sold to a rival exchange for about $8 billion, ending more than two centuries of independence for the iconic Big Board.

The buyer, IntercontinentalExchange Inc. (ICE), an upstart exchange based in Atlanta, made clear Thursday that little would change for the iconic trading floor in Manhattan's financial district if regulators approve the deal.

There will be dual headquarters in New York and Atlanta and ICE will open an office in Manhattan. NYSE CEO Duncan Niederauer will become president of the combined company and CEO of NYSE Group.

ICE said that the tie-up will create a top exchange operator covering a diverse lineup of markets and boosting efficiency.

"We believe the combined company will be better positioned to compete and serve customers across a broad range of asset classes by uniting our global brands, expertise and infrastructure," said IntercontinentalExchange Chairman and CEO Jeffrey Sprecher. "With a track record of growth and returns, clearing and M&A integration, we are well positioned to transform our combined companies into a premier global exchange operator that remains a leader in market evolution."

Sprecher will keep his positions. Four members of the NYSE board will be added to IntercontinentalExchange's board, expanding it to 15 members.

NYSE Euronext Inc. shareholders can chose to receive either $33.12 in cash, .2581 IntercontinentalExchange Inc. shares, or a combination of $11.27 in cash plus .1703 shares of stock.

IntercontinentalExchange plans to fund the cash portion of the acquisition with a combination of cash and existing debt. It added that the addition of NYSE will help it cut costs and should boost its earnings by more than 15 percent in the first year after the deal closes.

The deal has been approved by the boards of both companies, but still needs the approvals by regulators and the shareholders of both companies. It's expected to close in the second half of next year.

Exchanges have repeatedly attempted to merge recently as competition intensifies and commissions decline.

Last year, IntercontinentalExchange and Nasdaq OMX Group Inc. made a failed $11 billion bid to buy NYSE Euronext.

Earlier this year, European regulators blocked Deutsche Boerse AG from buying NYSE Euronext.

Shares of NYSE jumped 40 percent in premarket trading to $33.75 and are headed for a new high for the year. Shares if ICE rose 5 percent, to $134.98.

Shares of both companies had been halted in premarket trading earlier Thursday.

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Winter Weather Threatens Christmas Travel

A pre-Christmas blizzard that is battering at least eight states in the middle of the nation could trip up travelers headed home for Christmas in the coming days.

Nearly 20 inches of snow have been reported in Colorado just west of Denver. Nebraska has reported 6-to-10 inches so far. Between 3 and 8 inches have accumulated in Iowa already and more is possible. Snow is falling 2 inches per hour in Wisconsin.

No planes were able to land at Iowa's Des Moines International airport. All flights were cancelled until at least 11:45 a.m.

But it's Chicago that will prove most problematic for travelers. Rain has cancelled 300 flights into and out of Chicago O'Hare today so far, according to data from FlightAware. Snow and wind that are expected tonight will further complicate travel and likely cancel more flights.

Several airlines have already issued flexible travel policies, allowing travelers with flights into, out of and through affected areas to change their plans without penalty. For example, travelers headed to O'Hare today on American Airlines can change their flight to any day Dec. 21 to Dec. 25. Delta, United and others have similar policies.

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Airlines for America, an airline industry trade group, estimates that 42 million passengers will fly on U.S. airlines for the 21-day holiday travel period from Dec 17 to Jan 6. Daily passenger volumes are expected to range from 1.5 million to 2.3 million.

The busiest days of the Christmas travel season are expected to be Dec. 21, 22, 23 and 26; and Jan 2. Foul weather in major hub cities, particularly on these days, will most certainly cause travel headaches on the roads and in the skies.

When bad weather grounds flights at major airports, delays pile up around the nation, stranding travelers even in places where the weather is good. And because planes fly so full around the holidays, it's difficult for the airlines to find empty seats to accommodate fliers whose flights have been cancelled.

Passengers are also entitled to a refund if their flight is cancelled.

Travelers should confirm their flight is taking off as planned on their carrier's website before leaving their homes. If you are at the airport by the time you find out, use every avenue available to get re-accommodated. While you stand online to talk to a customer service agent, also call your carrier and use Twitter to get in touch with your airline. Many airlines are faster to respond on Twitter than on the phone. Delta Airlines and JetBlue are particularly active.

A few Twitter handles to know:
@JetBlue
@DeltaAssist
@AmericanAir
@United
@SouthwestAir
@FlyFrontier
@USAirways.

Travelers who find themselves stranded and in need of a hotel room should use apps such as HotelTonight, Travelocity's LastMinute.com Hotel Booking App and the Priceline app to find deals on last-minute hotel stays.

RELATED: The Best Last-Minute Hotel Booking App

The Midwest storm moves east tonight, spreading rain into the Northeast with some areas from Washington, D.C., to Boston getting up to 2 inches. Behind the storm, cold air comes in and changes rain to snow in Western Pennsylvania, Maryland, New York and West Virginia, where 3 to 14 inches (in the highest elevations) could accumulate.

ABC News' Max Golembo and Ginger Zee contributed to this report.

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