Everyone on Sesame Street is preparing for Christmas: Bert and Ernie exchange gifts in a "The Gift of the Magi" fashion, Cookie Monster wants to get his most desired treat this year, and Big Bird worries when Oscar tells him that if Santa Claus can't fit down the chimney on Christmas Eve, nobody would get presents. Luckily for him, Grover and Kermit the Frog (along with some interviewed kids) decide to help with his investigation, but when Big Bird decides to take matters into his own hands, all of Sesame Street is thrown into a mad dash to find him.