Obama's Budget Knife Yields Modest Trims  —  Plan Likely to Face Tough Fight on the Hill  —  President Obama has said for weeks that his staff is scouring the federal budget, “line by line,” for savings.  Today, they will release the results: a plan to trim 121 programs by $17 billion …

New Deal: Specter Gets a Subcommittee Chairmanship  —  Senate Democratic leaders have reached agreement with Sen. Arlen Specter to partially restore the party switcher's status on the Judiciary Committee, by granting Specter the chairmanship of the Crime and Drugs Subcommittee.

Conservatives Prep Dossiers, Polls for Court Fight  —  Clockwise from top left: Curt Levey, Gary Marx and Kellyanne Conway (YouTube, Judicial Confirmation Network)  —  Curt Levey sometimes wears a lapel pin with the faces of Justices John Roberts and Samuel Alito and the legend “Thanks, W.”

National Security Adviser Jones Says He's ‘Outsider’ in Frenetic White House  —  President Obama's national security adviser, James L. Jones, looks for rare opportunities to ride his bike from his McLean home to work at the White House.  On occasion, he has pedaled back across the Potomac River for lunch.

Republicans in the Wilderness: Is the Party Over?  —  These days, Republicans have the desperate aura of an endangered species.  They lost Congress, then the White House; more recently, they lost a slam-dunk House election in a conservative New York district, then Senator Arlen Specter.

How We Tested the Big Banks  —  THIS afternoon, Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve will announce the results of an unprecedented review of the capital position of the nation's largest banks.

Is Anyone Reading the News?  —  This remark, from David Simon as reported by Adam Serwer, seems to me to have the correct focus for fretting about the future of journalism: “The day I run into a Huffington Post reporter at a Baltimore zoning board hearing is the day I will no longer be worried about journalism.”

The ‘Free Choice’ Act Is Anything But  —  George Meany and binding arbitration.  —  Printer  —  Friendly  —  The recent news that Pennsylvania Sen. Arlen Specter has become a member of the Democratic caucus has given new life to legislation that many thought had been put to rest for this Congress …

Band of centrists forming for Senate GOP in 2010  —  For those writing Republican centrism's obituary after Arlen Specter's party switch, holster your quills.  —  In fact, if the next few weeks go well for the GOP, it might pave the way for a whole new chapter in the left flank of the right-leaning party.

Franken schools heckler  —  Politicians and stand-up comedians both get plenty of hecklers.  And it looks like Al Franken, as both a comedian and the still-disputed senator from Minnesota, is getting his fair share these days.  —  On Tuesday night, at Bobby Van's on 15th Street near the White House …

Dem centrists press Pelosi to shelve climate bill  —  Democratic centrists are pressing House Speaker Nancy Pelosi to set aside a flagging climate change bill to focus on what they think is a more achievable goal: overhauling the nation's healthcare system.  —  But those close to Pelosi …

Limbaugh to Powell: ‘Become a Democrat’  —  WASHINGTON (CNN) - Rush Limbaugh fired back at Colin Powell for his critical comments earlier this week, saying Wednesday that the former secretary of state should join the Democratic Party.  —  “What Colin Powell needs to do is close the loop …

Should the GOP Forget Reagan?  —  The Republican Party's unending tale of woe sounds like a friend's account of sitting through the New York Yankees' 22-4 loss to the Cleveland Indians at the new Yankee Stadium April 18.  —  In the 14-run second inning, three Indians hit home runs into the right-field seats, including a grand-slam.

Hawaii Lawmakers Pass Bill to Create ‘Islam Day’  —  Hawaii's state Senate overwhelmingly approved a bill Wednesday to celebrate “Islam Day” — over the objections of a few lawmakers who said they didn't want to honor a religion connected to Sept. 11, 2001.  —  HONOLULU — Hawaii's state …

EXCLUSIVE: Records violations dog housing nominee  —  Office handed largest fine in U.S. history  —  President Obama's choice for the government's No. 2 housing job is embroiled in the largest fine in U.S. history for “blatant violations” of open records laws after the Washington State …

Free cars for poor fuel road rage  —  Gov. Deval Patrick's free wheels for welfare recipients program is revving up despite the stalled economy, as the keys to donated cars loaded with state-funded insurance, repairs and even AAA membership are handed out to get them to work.

IF AT FIRST THE TALKING POINT DOESN'T SUCCEED.... George Will just can't seem to stay away from environmental policy, no matter how much trouble it gets him in.  —  On Sunday, Will argued on ABC's “This Week” that Toyota's Prius is only affordable because the company “sells it at a loss …

Police goof in raid, city stalls on damages  —  Man stymied in pursuit of door repair compensation  —  Andrew Leonard, a 33-year-old chemist who has no criminal record, said he and his wife were frightened and humiliated by a mistaken no-knock raid at their Medfield home.

The president has a friend on right flank  —  Here's something you don't see every day: Republican Sen. Tom Coburn (Okla.) stopping by the White House to catch up with his longtime friend, President Obama.  —  No official business, Coburn told The Hill after the Wednesday meeting — just a social visit.

Elevating Newt  —  Obama meets today with Al Sharpton, Mike Bloomberg, and Newt Gingrich to talk about education, and the latter three will then speak to press on the White House lawn.  —  It's a way for the administration to signal openness to a range of voices on the topic, but it's also an interesting choice of conservative.