For the Next President, the Fastest Transition Ever

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After inauguration, an Obama win could also mean a cascade of changes in powerful committee chairmanships, as Senator Joseph Biden (D-Del.) swaps his seat at the head of the Foreign Affairs Committee for the Vice-Presidency.

If McCain wins, Democrats could push a more comprehensive stimulus package, with hefty infrastructure spending or other measures. "Under a McCain victory, we might as well seek as much as we can from a legacy-seeking lame-duck Presidency," says another Democratic Senate aide.

Homeowners and Car Buyers

Another issue where other players are poised to act once the winner is clear is the housing crisis. The Federal Deposit Insurance Corp. and Treasury are hashing out a plan to use federal loan guarantees to help homeowners avoid foreclosure (BusinessWeek.com, 10/30/08). McCain has proposed a sweeping plan to buy underwater mortgages and replace them with new ones at current prices. Obama has offered fewer specifics but for months has supported plans that would encourage lenders to modify more loans. And several plans to force lenders' hands are also circulating.

Automakers, too, are eyeing the outcome. Already promised $25 billion to offset their investments in alternative-fuel technologies, Detroit has been pushing since the political conventions (BusinessWeek, 9/3/08) to get the money sooner. Auto executives and some lawmakers have also been pushing to let the car companies' credit arms borrow from the Federal Reserve's discount window like banks, to increase the flow of auto-buying credit.

Over the years, the Presidential transition has been worked out to something of a science. Before Election Day, campaigns typically have a small team working on the transition, both recruiting policy experts to draft briefing books for the new Administration and drawing up lists of potential nominees. Both campaigns have already submitted some potential nominees for federal background checks, and more will follow from the victor's camp.

On the policy front, the campaigns also line up teams of supporters who will be ready to go into each federal agency within days after the election. Their goal: Begin tracking the agency's actions and pave the way for Cabinet Secretaries and other high-level nominees to learn the ropes.