The soon-to-be first lady speaks to the current first lady by phone Wednesday afternoon, thanks her for the grace and strength she's demonstrated in her role. Laura Bush extends an invitation for Michelle Obama and her two daughters to visit the White House in the coming weeks. A date for the visit will be set soon. Get more details here. Permalink
The campaign announces the operation will be orchestrated by John Podesta, Valerie Jarrett, and Pete Rouse. Team will also include former Clinton Commerce Secretary William Daley, Governor Janet Napolitano, former Clinton Transportation and Energy Secretary Federico Peña, foreign policy adviser Susan Rice and more. Read the full release here. Read about Obama's transition team in the New York Times, the Washington Post and the Wall Street Journal. Plus: TIME's Thompson on easing in Obama as Commander-in-Chief. And Wash Post's Balz on why the campaign gives some clues to how Obama will govern. Permalink
Reuters: "Euphoria about a fresh change in U.S. political leadership after the election of Barack Obama was cruelly short lived as the reality set in of deteriorating market and economic conditions." And/but: The WSJ on how the Democrats are ready to act fast on the economy. Permalink
Malia, 10, and Sasha, 7, will be the White House's youngest residents in decades as they prepare to leave the comforts of Chicago's South Side for Washington D.C. NY Times: "One day after the presidential election, the Obama family of Chicago’s Hyde Park is only beginning to figure out how to become the first family of the United States." Permalink
Politico: "In short, First Lady Obama will be the picture of the modern woman who has it all..." NY Times: "Some of the most heated conversations on the morning after election night centered on Michelle Obama’s dress." LA Times: "Move over, Carla Bruni, there's a new fashion first lady on the scene." PHOTOS: See a gallery of Michelle Obama's looks here. Permalink
TIME's Mark Halperin gives letter grades to Obama, McCain, and their top advisers for their performances on the campaign trail -- or back at headquarters. Evaluations for Obama, Plouffe, Axelrod, Gibbs, Benenson, Grisolano, McCain, Davis, Schmidt, Salter, Lieberman, Graham, Palin. Read them in full here. Permalink
The Dow slumps nearly 500 points in the first session after Obama's win. Bloomberg: "Obama will have to contend with an economy pummeled by the fastest contraction in manufacturing in 26 years and the lowest consumer confidence." Permalink
AP cites several Democratic sources saying Sen. Kerry is "actively seeking appointment as secretary of State in the new administration." And/but: Kerry spokesperson says "He's not actively seeking any other job" besides Senator. Plus: Chicago Tribune on Kerry, Richard Lugar and Bill Richardson. Permalink
OBAMA: 64,043,290 (53%) MCCAIN: 56,497,501 (46%) Get latest totals here. Plus: Voter turnout best since 1960s. Permalink
Associated Press: Incumbent Republican Sen. Saxby Chambliss fails to reach the majority vote requirement under state law, will face Democrat Jim Martin in a Dec. 2 contest. Read Jim Martin's statement here. Will the Obama political machine flex for this race? Plus: Politico on the nine races still too close to call. developing... Permalink
--GOP Minority Leader Boehner sends a letter to House Republicans telling them conservatism isn't dead, Tuesday's vote was not a validation of big government. Read it here. --Deputy Minority Whip Eric Cantor is making calls to Republican colleagues in an effort to line up support for replacing current Minority Whip Roy Blunt. --McCain advisers charting plans for his role in Senate. , 1:38 PM
Clad in a "Hope Won" t-shirt, Oprah Winfrey celebrates Obama's win on Wednesday's show. Calls Tuesday "one of the most electrifying and emotional nights" of her life, and says she's finally "unleashed" now that the election is over. Read more from Oprah Tuesday night-- click here. Permalink
HALPERIN'S TAKE: The five most important people in American politics right now -- who aren't Barack Obama. Permalink
Politico: The President-elect is "strongly considering" tapping RFK Jr. to head the Environmental Protection Agency. Also looking at Colin Powell, Caroline Kennedy for potential posts. But Powell downplays talk of joining the Obama administration. Permalink
The wire service as well as the LA Times say the measure banning gay marriage has passed in the Golden State. Election returns showed the ban winning 52% of the vote. Permalink
Sign up for the daily email from The Page and get the very latest political news delivered directly to your inbox.

Bookmark thepage.time.com on your mobile device for an easy to read version of Mark Halperin's The Page.