Varney falsely claimed that pensions are the biggest reason states are facing budget shortfalls and that pensions are one of the biggest expenses [states] have. In fact, short-term budgetary challenges facing states are the result of the financial crisis, not pensions, and current pension obligations account for just 3.8 percent of the average state's yearly expenditures.

Stuart Varney argued that it is inaccurate to attribute the recession to President Bush and claimed that President Obama's policies have not fixed that ongoing recession. In reality, Obama's policies have created growth in the GDP and the Dow Jones Industrial Average, while turning around the increases in joblessness that began under Bush.In reality, the economic recession started before Obama came to office and Real GDP has greatly increased during Obama's presidency.

Climategate set to break wide open. New developments today involving those hacked emails from Britain suggesting scientists are fudging data to make their case for global warming. Republican Senator James Inhofe is calling for a full investigation. And he joins me now by phone from Oklahoma.Senator, you've seen these emails at length. Do you believe that the climate scientists are trying to conceal evidence that works against global warming?