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.
(..) True capitaIist if ever I met one. Did you hear that? How wouId you know, bubbIehead? You ever do nothing besides get your hair fixed... and powder your nose? Look at you. You do too much of that shit. Nothing exceeds Iike excess. -You shouId know that, Tony. -I shouId know what? (..)1983 Scarface