CNN 2008-09-25

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Hello! From the CNN Center here in Atlanta, I’m Melissa Long on this Wednesday. Here is a look at some of the stories that are happening NOW IN THE NEWS this midday.

The battle of the bailout just beginning. Federal Reserve Chairman Ben. Bernanke and Treasury¹ Secretary Henry Paulson are testifying today on the Hill again trying to persuade Congress to OK a 700-billion-dollar plan to save Wall Street. The Bush Administration's plan would allow the Treasury to buy up troubled assets from financial institutions.

After much debate House Democrats² will let the 26-year ban on off-shore oil drilling expire next week. It's been dropped by Democrats from a spending bill  expected to be approved today. Many Republicans are applauding that move.

China’s tainted³ milk scandal is now spilling over into other regions. Hong Kong is reporting two more children's sick from contaminated milk products. Now a British grocery chain is pulling Chinese dairy products from its store shelves. Authorities in the US also take an action. The F.D.A. is expanding testing of Chinese imports that may contain milk derived⁴ ingredients. There are no reports of dairy contamination in the US. In China, four babies have died. 53, 000 children have become sick from milk laced with me melamine.

North Korea is now barring UN nuclear inspectors⁵ from its main nuclear reactor⁶. UN seals and surveillance equipment are being taken off on orders from Pyongyang. North Korea says it plans to reactivate the Yongbyon nuclear plant within a week. And this comes less than three months after Pyongyang destroyed the cooling tower at its facility as a sign of its commitment to end the nuclear program. The Bush Administration warns Pyongyang could isolate⁷ itself further. North Korea insists its program is peaceful.

China is taking its ambitious space program to a whole new level. For the first time ever a Chinese astronaut will walk in space on Friday. The 40- minute space walk will be broadcast live by a satellite as its space vehicle passes above the Chinese mainland. And the current mission is China’s third manned space mission and its first was back in 2003.

And you are up-to-date. That’s a quick look at some of the stories making news at this hour. Do stay with CNN and CNN.com for more on these stories or other news of the day.