News minute: Obama news conference; Wall St. update; Gay adoption ruling - KLTV.com - Tyler, Longview, Jacksonville |ETX News

News minute: Obama news conference; Wall St. update; Gay adoption ruling

CHICAGO (AP) - President-elect Barack Obama has named his new budget director and says Peter Orszag (OHR'-sag) will make a thorough review of federal spending programs. Obama says budget reform is "not an option. It's a necessity." At a midday news conference, he also discussed his plans to both jump-start the economy and keep an eye on wasteful spending.

WASHINGTON (AP) - The Bush administration has unveiled two new programs aimed at providing $800 billion to thaw frozen credit markets. These are the latest modifications to the largest government bailout in history. Treasury Secretary Henry Paulson defended the changes, saying no one response is enough to deal with he calls a once- or twice-in-a-century financial crisis.

NEW YORK (AP) - Stock prices have been mixed on Wall Street. Investors who sent stocks sharply higher in the last two sessions seem to be taking a more cautious approach. Also today, the Conference Board reports a rebound in consumer confidence in November after October's record low.

HOUSTON (AP) - There's good news today for astronauts who've been working on a jammed solar-wing at the international space station. Flight controllers say morning tests show the solar wing's joint has been moving well so far -- after not working properly for more than a year. Tests are also looking good for the station's urine recycler, which would create drinking water for the space station crew.

MIAMI (AP) - A Miami judge has struck a blow against a Florida law banning child adoptions by gay people. She noted that gays are allowed to be foster parents in Florida and ruled there's "no rational basis" for keeping them from adopting children. The decision clears the way for a 54-year-old man to adopt the two young boys he's been caring for as a foster parent.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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