Breaking News:Hurricane Isaac Churns Toward New Orleans

The latest flight data from inside Isaac shows the storm now has maximum sustained winds of 75 mph. The storm was officially upgraded to a category one hurricane just moments ago.

• FORECAST: The current forecast track places the center of the storm within 50 miles of New Orleans as a category 1 by late Tuesday evening. The storm is expected to dump 7-14” of rain with isolated amounts of 20”. The storm surge in parts of Louisiana and Mississippi is expected to reach 6’-12’.

• PREPARATIONS: The Army Corps of Engineers have begun closing floodgates in New Orleans, according to CNN. President Obama is warning residents of the Gulf Coast: “Now's not the time to tempt fate," he said. "Now's not the time to dismiss official warnings. You need to take this seriously."