How to make a news set at home CHEAPLY?

I have an extra 8x 11 foot room that I want to make into a TV/News Studio. I want it to look professional and good, so like no backgrounds that are like a bed sheet. I'd really like a nice desk and a wood paneling background. I'm kinda tight on cash for this project, so does anyone have any good ideas on how to CHEAPLY design, construct, and light this set. (P.S. -> The only thing I have for this project is a computer, table, tripod, and camera).