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.
(..) You and I will not make garbage. We will produce a chemically pure and stable product... ...that performs as advertised. No adulterants. - No baby formula. No chilli powder. - No, no. Chilli P's my signature. Not anymore. Yeah, well, we'll see about that. - What the hell is this? (..)2008 TvShow: Breaking Bad Title: Pilot Season: 1 Episode 1
(..) Just our snitch. Says some dude who goes by "Cap'n Cook"... ...lives up to his name in there. Says he always adds a dash of chilli powder. You exuberant Mexicans. "Cap'n Cook?" That's a white boy's name. Dopey as hell too. Yeah? I'll tell you what. (..)2008 TvShow: Breaking Bad Title: Pilot Season: 1 Episode 1