• Obama’s first budget comes with the promise of slashing the deficit in half in four years

President Obama launched a “fiscal responsibility summit” at the White House today by vowing to cut the federal deficit in half by the end of his first term in office, and he pledged to reinstate pay-as-you-go budgeting rules to prevent the government from spending money it does not have.

• The government is looking to buy majority stakes in large banks as the markets continue to tumble.

WASHINGTON — The Obama administration put the nation’s biggest banks on notice Monday that the government could become their biggest shareholder if regulators decide they are not strong enough to weather a deeper-than-expected downturn in the economy.

• US is secretly training the Pakistani military to fight the Taliban and al-Qaeda.

BARA, Pakistan — More than 70 United States military advisers and technical specialists are secretly working in Pakistan to help its armed forces battle Al Qaeda and the Taliban in the country’s lawless tribal areas, American military officials said.

The Americans are mostly Army Special Forces soldiers who are training Pakistani Army and paramilitary troops, providing them with intelligence and advising on combat tactics, the officials said. They do not conduct combat operations, the officials added.

• Karl Rove defies a Congressional subpoena. Again.

So today was the day that Karl Rove was supposed to appear before the House Judiciary committee to testify about the US Attorney firings. And of course, Rove didn’t show.

That wasn’t a surprise. After getting the deadline pushed back, Rove had already publicly indicated he didn’t plan on being there, citing President Bush’s claim of executive privilege. Rove’s lawyer had then asked for a second postponement, a request that Judiciary chair John Conyers had declined to grant.