In the wake of Senate Minority Whip Trent Lott's (R-MS) sudden resignation announcement, the Senate Republican Conference has scheduled their leadership elections for December 6.

Incumbent conference chairman Jon Kyl (AZ) is expected to win the whip race unopposed, while the conference chair race will be contested by Kay Bailey Hutchison (TX), Richard Burr (NC), and Lamar Alexander (TN).

In the wake of Trent Lott's announcement that he's resigning from the Senate, several news accounts have reported that Mississippi Governor Haley Barbour, a Republican, will immediately appoint a replacement -- and Barbour further announced today that a special election will be held to fill the seat on election day in November of 2008.

This would be a big boon to Republican efforts to hold Lott's seat. That's because it would allow whoever the appointee is the next 11 months to build up a record, raise money, and amass the advantages of incumbency in advance of the special contest.

But what does election law really hold?

National Dems who are scrutinizing the relevant statute say that they think that in fact it stipulates that the election is to be held within 90 days of the date of Lott's resignation, which he hasn't announced yet.

If true, that would effectively minimize the GOP advantage. Because of this -- and because an earlier special election might have a lower turnout -- it would give Dems a shot at winning that special contest.

And guess what -- it looks as if the Mississippi Secretary of State has confirmed that the special election is in fact supposed to happen 90 days after Lott's resignation date -- and not in 2008, as Barbour is claiming.

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Take a look at this highlight reel of Trent Lott's press conference announcing his retirement today, courtesy of TPM editor Ben Craw:

Doesn't this seem kind of no-frills and abrupt for such an announcement? No family there, no supporters, etc. Doesn't this thing seem like it was kind of hasty given how long his career was, how recently he grabbed the whip position, and how major a Senate fixture he was? Odd.

So with Senate Minority Whip Trent Lott (R-MS) resigning, what's the overall state of play for his seat? The bottom line is that a Republican will immediately replace Lott, and the GOP is still favored to hold on to the seat — but Democrats might just have an opening if they can get a good candidate, and they sure have more money to throw around than the GOP does.

Mississippi's Republican Governor Haley Barbour will make an appointment to the seat, and the appointee will stay until a special election in November 2008, coinciding with the presidential race. That alone will favor the GOP, as President Bush won 60% of the vote in Mississippi in 2004, and 57% of the vote in 2000. Thus any potential Democratic nominee would need a lot of ticket-splitting in order have a chance.

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So why is Trent Lott resigning now? MSNBC says it's all about the money:

While the exactly reason Lott is stepping down before he finishes his term is unknown, the general speculation is that a quick departure immunizes Lott against tougher restrictions in a new lobbying law that takes effect at the end of the year. That law would require Senators to wait two-years before entering the lucrative world of lobbying Congress.

So by stepping down now he can get into the lobbying racket that much quicker, rather than having to wait a whole two years before selling his governmental connections to the highest bidders. Makes sense to us.

Another Congressional Republican — this time a very high-ranking one — is heading for the exits. Senate Minority Whip Trent Lott (R-MS) will announce his resignation today, the Associated Press reports, taking effect before the end of the year.

A source told the AP that there is nothing wrong with Lott's health, but that he is instead leaving to pursue "other opportunities." The obvious possibility would be a job as a lobbyist, but we'll see what Lott himself has to say.