When all is said and done the only challenge is to party the night away

When the last speech is given, the last attack on one's opponent offered and the last leak leaked, there is nothing left for …

When the last speech is given, the last attack on one's opponent offered and the last leak leaked, there is nothing left for the party faithful to do except . . . wait.

With the exception of journalists who must retain some semblance of coherence during the evening, many political devotees will turn to the tradition of the election night party. These range from small at-home affairs to jamborees in cavernous hotel ballrooms. But this year may prove a challenge to even the most committed of party-goers.

In 1976, NBC News was the first to declare Jimmy Carter the victor over Gerald Ford . . . at 3.31 a.m.. This election is promising to be the closest since 1960, making the likelihood of an all-night affair entirely possible.

The trendiest party in New York is at Elaine's, the Manhattan restaurant that is home to writers and politicians of all stripes, including Frank McCourt. The party is being hosted by Tina Brown, editor of Talk magazine, and Micheal Bloomberg, the owner of Bloomberg's, a financial news service.

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Across town, the Creative Coalition, a liberal organisation of actors, is holding a fundraiser at Caroline's Comedy Club. Guests will munch on hotdogs and hamburgers as actors Alec and Billy Baldwin opine on the meaning of it all.

Many folks are going the small party route. Caterer Michelle's Kitchen is doing 50 small parties this evening. "I am busier this time than ever before," owner Samir Billan told the New York Times. "Many parties are going four or five hours."

That is optimistic for a close election. On the other hand, Internet diva Matt Drudge has promised to post exit-polling results on his website as early as 2 p.m. That could end the party early for the losing candidates.