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President Biden vowed he will ensure a peaceful transfer of power following President-elect Donald Trump’s resounding election victory and told his supporters “a defeat does not mean we are defeated,” USA Today reports. Said Biden: “Setbacks are unavoidable, but giving up is unforgivable. We all get knocked down, but the measure of our character – as my dad would say – is how quickly we get back up.” CNN: Biden tries to reassure dejected Democrats as he promises a smooth transfer of power to Trump.

“President-elect Donald Trump is likely to allow Federal Reserve Chair Jerome Powell to serve out the remainder of his term, which expires in May 2026,” CNN reports. “The adviser cautioned that Trump could always change his mind, but his present view — and that of Trump’s economic team — is that Powell should remain atop the central bank as it pursues its policy of cutting interest rates.”

“A depressed and demoralized Democratic Party is beginning the painful slog into a largely powerless future, as its leaders grapple with how deeply they underestimated Donald Trump’s resurgent hold on the nation,” the New York Times reports. “The nationwide repudiation of the party stunned many Democrats who had expressed a ‘nauseous’ confidence about their chances in the final weeks of the race.

Kamala Harris lost running mate Tim Walz’s home county in rural Minnesota to Donald Trump, 50% top 48%, a defeat that will intensify criticism of her decision to run alongside Minnesota’s progressive governor, National Review reports.

Former Speaker Kevin McCarthy (R-CA) told Fox News he wasn’t interested in being President-elect Donald Trump’s chief of staff.