Wikinews:Broadcast/Lighting kit
I use a minimal lighting system with a 500-watt Photoflex soft box along with a 500-watt Smith Victor continuous photographic key light, with a Photoflex reflector.
The soft box uses a quartz 3200K bulb which offers a slightly warm color. If you prefer natural daylight color temperature, you could go with a 5400K bulb, or even daylight-corrected fluorescent, but it's not worth the cost given that you can digitally grade (color correct) the color in post.
If you've never used a high-wattage lighting system before, be careful not to handle the bulbs with your bare hands, as the oils on your skin can significantly reduce bulb life. Also, if you have to disassemble your lighting system for storage or transport, be careful to let the bulbs fully cool before you remove them and place them in their protective cases.
You can get out the door with a system like this for around US$500 to US$600.
Please don't try to save money by using a workshop light like the ones on the big yellow stands they sell at Home Depot, or you will look hideous from the high-contrast glare and the spiky discoloration such lighting causes on video.