Hollywood announces Oscar nominees

We've heard them say it year after year: 'It's an honor just to be nominated'.

So, who's saying those words this year? Oscar nominations were announced Tuesday morning and many movie-goers are already hedging their bets on who will take home the gold. Kiran Chetry and T.J. Holmes sit down with Belinda Luscombe, Editor-at-Large for TIME Magazine, to get her immediate reaction to the nominees following the announcement out of Hollywood. Hear which favorites were left out and which underdogs made their way in.