Richardson prepares to pass the crown to Lt. Gov. Diane Denish in December.

With a grand jury investigation into "pay-to-play" government contracts looming, Gov. Bill Richardson has opted out of the Commerce secretariship. Obama has accepted his resignation as secretary-designee.

Lt. Gov. Diane Denish's heart must've just dropped to the floor.

Santa Fe – Lt. Governor Diane Denish is currently in Washington DC to attend the swearing in of the New Mexico congressional delegation and to strategize with them on economic stimulus opportunities for New Mexico, specifically infrastructure projects. The Governor and Lt. Governor talked early this morning about the Governor's decision to withdraw his name from consideration for Commerce Secretary at this time.

The Lt. Governor made the following statement:

"Governor Richardson postponed taking a position in the administration to ensure that President Obama and the American people face no delays in getting to work to fix our ailing economy, and the President-elect said he looks forward to Governor Richardson joining his administration in the days ahead. In the meantime, Governor Richardson and I will work together, as we have over the last six years, to tackle challenges at home, to craft a workable budget with the legislature and to strengthen our economy to make sure that every New Mexico family has the opportunity to succeed."