] The White House expects that President Bush would have to
] assemble a new foreign policy team, including a secretary
] of state, if he wins a second term, administration
] officials said Monday.

This is a crazy mess of competing spin, but the concensus is that Powell will not be a part of the second term. A shame. I think he is presently my favorite republican.

CNN.com - Powell not expected to serve if Bush re-elected - Aug. 4, 2003