The Note

Campaign organizers indicate that the Reverend will only be wearing his "preacher" hat and that he will not discuss the politics of war.

Marjorie Harris, the Executive Director of the National Action Network — who accompanies Sharpton to all campaign events — issued a press release detailing the 'event' and almost made it through without talking politics … almost.

"Sharpton, who has spent most of his time campaigning in South Carolina, says this is not the time to discuss his political leanings on the war. He added, 'Even though I have spoken out unequivocally against the war, I will always show my support and condolences for the soldiers who give their lives for our country. Politics must be put aside when we bury our heroes.'"

Read more from the trail with Sharpton on abcnews.com: LINK

Iowa:

The Des Moines Register 's David Yepsen curtain raises Saturday's Jefferson-Jackson Day dinner with a heavy emphasis on Senator Clinton's role emceeing, writing that "[just] by showing up in Iowa she stokes the talk of a run someday." LINK

Senator Clinton will be making stops in Iowa this weekend — including headlining the Jefferson Jackson Dinner — to tout the presidential candidates, and once again deny that she is among them, the AP writes. LINK

The economy:

ABC News' Ramona Schindelheim reports that the trade deficit for September surprised economists by being larger than expected — growing by 4.4% to $41.3 billion as imports outpaced exports. Imports are at a record high of $127.4 billion, and exports rose to $86.2 billion, their highest level since May 2001.

Meanwhile, Schindelheim Notes, first-time unemployment claims rose 13,000 to 366,000 last week, the Labor Department reported. This number was revised upward from the initial report of 353,000. The total number of unemployed workers continuing to receive unemployment benefits after their initial claim rose by 49,000 to 3.53 million in the week ended Nov. 1, the latest week for which figures are available.

Big Casino budget politics:

The New York Times ' Robert Pear on the "tentative agreement on a bill to provide prescription drug benefits to the elderly," which has won Senator Breaux's support and Senator Kennedy's opposition. LINK

The Wall Street Journal 's Sarah Lueck and David Rogers report that congressional Republicans have grabbed the wheel on Medicare negotiations and come up with a compromise that got the nod from moderate Democratic Senators Baucus (Montana) and Breaux (Louisiana), Republicans, and the AARP, even if liberals are fit to be tied.

It includes:

--A pilot project beginning in 2008 that would in specific cases tie Medicare premiums to bids by private plans.

--A trigger for congressional action (not required) if Medicare depends on general government revenue for more than 45% of its costs.

--A plan for health care savings accounts with tax incentives for employers who give drug coverage to retirees with high-priced medicines.

The Washington Times ' Amy Fagan reports that while a compromise has been reached on a prescription drug bill, the matter is still on the table as proponents search for votes. LINK

A "fragile" deal on a prescription drug bill was struck yesterday, according to Knight Ridder's James Kuhnhenn. LINK

Bush Administration strategy/personality:

The Washington Post 's Mark Leibovich looks at Colin Powell, who received the George C. Marshall Foundation award last night. LINK

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