They don't know how the election will turn out, so for now they're just 'keeping their powder dry'.
The girls put on their lipstick and (face) 'powder' before heading out to the dance.
The boys decided to 'take a powder' as soon as they saw there was work to be done.
(..) - What happened? - I saw it. - You saw what? - I saw it. Blain. No powder burns, no shrapnel. The wound's all fused, cauterised. What the hell could have done this to a man? Mac. Mac, look at me. - Who did this? (..)1987 Predator