It’s the day before the all-important employment report for October. (Expectation is for a 175,000 drop in payrolls and an uptick in the unemployment rate to 9.9 percent, which would be a 26-year high).

It’s the day after the New York Yankees won the World Series. (Condolences Phillies fans).

It’s the day before the House of Representatives might send healthcare overhaul legislation to the floor for debate with the goal of a Saturday vote. (Have learned never to bet on the timing of legislation on the Hill).

It’s the day after President Barack Obama didn’t comment on the previous night’s elections. (We’re still on POTUS election comment watch).

It’s the day before FRIDAY!!!! (Although some of us are working on the weekend).

It’s the day after both parties spun Tuesday’s election results every which way to suit them. (Democratic House Speaker Nancy Pelosi says it was a win, Republican National Committee Chairman Michael Steele says it was the sign of a ‘Republican Renaissance’).

As for today, Obama hosts a White House Tribal Nations Conference, meets with Treasury Secretary Timothy Geithner, meets with President Ian Khama of Botswana, meets with representatives of the Congressional Hispanic Caucus, and meets with Secretary of State Hillary Clinton (probably to get a fill on her recent trip to Pakistan and the Middle East).

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Photo credit: Reuters/Ray Stubblebine (New York Yankees players after winning World Series)

It’s been a year since Americans have gone to the polls, but as they do on Tuesday President Barack Obama may be less excited than he was last year, particularly in Virginia and New Jersey where his fellow Democrats are facing trouble.

Republicans are hoping to capture the governors’ mansions in those two states to rebuild some momentum after being trounced by Democrats last year. They also are trying to make it a referendum against Obama’s agenda to overhaul the U.S. healthcare system and financial regulatory structure as well as his plans to address climate change.

In Virginia where Obama won narrowly in 2008, Republican Bob McDonnell has built a sizable lead over Democrat Creigh Deeds while in traditionally Democratic-leaning New Jersey Republican Chris Christie is neck and neck with Democratic incumbent Governor Jon Corzine.

Obama has campaigned for both of his fellow Democrats but that may not be enough for them to win.

While Republicans are salivating at their prospects in those two races, Democrats are eyeing a congressional race in upstate New York to replace a Republican lawmaker who became Obama’s Army secretary. Conservative Party candidate Doug Hoffman was barely ahead of Democrat Bill Owens in the traditionally Republican district.

After tremendous infighting, the Republican candidate, Dede Scozzafava, withdrew from the race and endorsed the Democrat, highlighting the rift between moderates and the conservatives of the Republican party.

Elsewhere, the Federal Reserve’s Federal Open Markets Committee begins a two-day meeting this morning to discuss interest rate policy and whether the U.S. economy is starting to build its own momentum towards a recovery.

And the Senate Environment and Public Works Committee will begin working on a climate change bill, but unhappy Republicans are threatening to boycott the session.

- Photo credit: Reuters/Jonathan Ernst (Obama returns from a campaign trip to New Jersey)