CNN 2008-10-03

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Good afternoon, from the CNN Center in Atlanta, I'm Reggie Aqui. Here is a look at what's happening NOW IN THE NEWS.

Police in California confirm that search teams have found the wreckage¹ of the plane Steve Fossett was flying when he disappeared. The development comes a day after a hiker found ID belonging to Fossett near Mammoth² Lakes, California. National Transportation Safety Board investigators³ arrived in California shortly after authorities confirmed the wreckage is Fossett's plane. Police say it appears to have crashed head-on into a mountain in the Sierra Nevadas. Fossett's remains⁴ have not been recovered.

The House gets a do-over vote on the 700-billion-dollar financial bailout bill. Representatives will probably try again tomorrow. The question today -- Will enough House members switch their "no" votes now that the bill has been sugarcoated with tax breaks. The Senate approved the bailout bill last night. The vote was 74 to 25 with bipartisan support. Senators John McCain, Barack Obama, Joe Biden, they were all there voting in favor of the enhanced bailout bill.

And there is a big buzz over tonight's vice-presidential debate as Governor Sarah Palin and Senator Joe Biden prepare to square off tonight in St. Louis. For Palin the stakes are pretty high as she tries to persuade voters that she understands the issues and has enough experience for the job. As for Biden, sticking to the script could be his biggest challenge, he's been known for making off-the-cuff remarks, including some pretty famous gaffes⁵.

More than 300 people are missing since Hurricane Ike hit the Texas Coastline. And those family and friends want answers. Authorities have been working with local centers to compile a list of missing people, and police have gone door to door gathering⁶ information. A majority of the missing come from the hardest hit Texas Towns of Crystal Beach, Port Bolivar, Gilchrist, Texas and of course Galveston.

Closing arguments are scheduled today in the O.J. Simpson trial. His defense⁷ wrapped up their case yesterday. Simpson was never called to the stand himself, he and another man are accused of kidnapping and armed robbery, they both face prison time if they get convicted.

Let's talk gas prices. They have dropped again. AAA reports that the national average is now $3.59 for a gallon. This is the 15th straight decrease, the cheapest gas can be found in Oklahoma for $3.30. Alaska once again holds the title of most expensive gas at $4.24.

That's a quick look at what's making news this hour, please stick with us here at CNN for more on these stories and the other news of the day.