'New generation' represents challenge and opportunity for Democrats: The Note

The TAKE with Rick Klein

House Speaker Nancy Pelosi goes out if not on top than at least close to it -- leading her party to a better midterm showing that almost any of her colleagues thought possible and now making way for what she has previously heralded as the kind of "generational change" that Congress needs.

Without drama or fanfare, it was not just Pelosi but House Majority Leader Steny Hoyer and Majority Whip James Clyburn all saying on Thursday that they would vacate the top leadership spots. The three 80-somethings who were faces of the Democratic Party for decades are making way for House members in their 40s and 50s.

Congress might be the only place in America where this counts as a youth movement. With President Joe Biden's 80th birthday landing on Sunday, it's a spirit that hasn't necessarily caught on throughout official Washington.

It nonetheless offers both a challenge and an opportunity for Democrats. Coming off an election where young voters helped quell a potential red wave, the party still has a disconnect with segments of its base and even some of its younger members of Congress, including some who aren't yet sold on the presumed new crop of leaders.

Millions of Americans who cast their first votes last week were born after Pelosi took over as the top House Democrat in 2003. She guided her party through its low Bush years, its heady Obama years, its exhausting Trump years and, finally, two productive Biden years -- winning, losing, winning and just barely losing the House majority along the way.

Pelosi will be defined by scores of accomplishments as well as her party's share of disappointments and by two impeachments of the one president Pelosi didn't mention in her speech Thursday on the House floor.

The leaders that come next will be judged by different standards for changing times. But the party unity she brought about and enforced will be tested, as Democrats look to a new era without the first and only "madam speaker" leading their way on Capitol Hill.

The RUNDOWN with Averi Harper

Almost immediately following the news of a Republican majority in the House and with leadership elections in both chambers settled, the focus is shifting to the future -- including the GOP field of potential presidential 2024 candidates.

The Republican Jewish Coalition's annual meeting in Las Vegas is a popular stop for prominent conservatives looking to connect with a key voting bloc.

Among the speakers at this year's conference are former Vice President Mike Pence, former Secretary of State Mike Pompeo, former New Jersey Gov. Chris Christie, Maryland Gov. Larry Hogan, New Hampshire Gov. Chris Sununu, Florida Sen. Rick Scott, South Carolina Sen. Tim Scott and Sen. Ted Cruz of Texas.

Former President Donald Trump, the only candidate that has formally announced his White House bid, will give remarks remotely.

At last year's gathering, speakers by and large leaned heavily into their support for Trump. But after midterm underperformance for the party, due in large part to major candidates chosen by Trump himself, it remains to be seen if sentiments have changed.

The TIP with Tal Axelrod

The 2024 presidential primary -- already taking shape -- isn't the only leadership challenge facing Republicans at the national level.

Rep. Lee Zeldin, R-N.Y., who relatively narrowly lost a challenge to Gov. Kathy Hochul, D-N.Y., said in an email to Republican National Committee members that he's "seriously considering" a run for party chair.

In the email, obtained by ABC News, Zeldin said he's received an "outpouring of support and encouragement following the historic strides we made in New York," referencing Republicans' strong performance in the New York gubernatorial race and flipping of four House seats in the state.

"Due to the amount of requests I have received from both inside and outside of the 168 about running to be the next Chair of the Republican National Committee, I am very seriously considering your requests and am grateful for your messages," Zeldin wrote.

Should he ultimately decide to run, Zeldin would likely have to face off against current three-term Chair Ronna McDaniel, who said on a call with members on Monday that she would run if party members wanted her to and that she plans to move forward with seeking reelection.

McDaniel was first elected in 2017, with former President Donald Trump's endorsement, though both she and Zeldin are Trump allies.

The ultimate chair will serve during the 2024 presidential election and will be forced by party bylaws to remain neutral during the race even with Trump waging a bid.

Power Trip

"Power Trip: Those Seeking Power and Those Who Chase Them" follows 7 young reporters as they chase down candidates in the lead up to the midterms with George Stephanopoulos guiding them along the way.

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THE PLAYLIST

ABC News' "Start Here" podcast. "Start Here" begins Friday morning with a look at House Speaker Nancy Pelosi's long career after her decision to step down from leadership. ABC News contributor Donna Brazile leads us off. Then ABC's Tom Soufi Burridge reports on the conviction of three men for their role in shooting down a Malaysia Airlines passenger jet in 2014. And ABC's Jason Nathanson explains why Taylor Swift fans are accusing Ticketmaster of being too much of a monopoly. http://apple.co/2HPocUL

WHAT YOU NEED TO KNOW THIS WEEKEND

• President Joe Biden will meet with labor leaders and speak at 1:30 p.m. ET, when he will be joined by Treasury Secretary Janet Yellen.
• The Republican Jewish Coalition's annual leadership meeting begins in Las Vegas.
• ABC’s “This Week”: Former Speaker of the House Paul Ryan (R) Roundtable: ABC News Senior White House Correspondent Mary Bruce, Former North Dakota Senator and ABC News Contributor Heidi Heitkamp, National Review Editor Ramesh Ponnuru, and Co-author of POLITICO Playbook and “Unchecked: The Untold Story Behind Congress’s Botched Impeachments of Donald Trump” Rachael Bade.

Download the ABC News app and select "The Note" as an item of interest to receive the day's sharpest political analysis.

The Note is a daily ABC News feature that highlights the day's top stories in politics. Please check back after the Thanksgiving holiday for the latest.