In a large skillet, cook bacon over medium heat until crisp, stirring occasionally. Remove with a slotted spoon; drain on paper towels. Discard drippings, reserving 2 tablespoons in pan. Add onion to drippings; cook and stir over medium-high heat until tender, 3-5 minutes. Stir in flour, salt and pepper until blended; cook and stir over low heat until mixture is golden brown (do not burn). Gradually whisk in tomato juice. Stir in tomatoes. Bring to a boil over medium heat. Reduce heat; simmer, uncovered, until thickened, 10-15 minutes, stirring occasionally. Stir in bacon. Serve over biscuits.