NEW YORK, NY December 01, 2008 —The weeks of rumor and speculation are over.

President elect Barack Obama has selected New York's junior senator, Hillary Clinton, as his nominee for Secretary of State.

He praised his former campaign rival, saying they share a view of America's safety and security that includes combining military power with strength, and diplomacy.

Clinton thanked her fellow New Yorkers for letting her represent them for the last eight years, saying they gave her the opportunity to work on issues she cares about, in a state that she cherishes.

CLINTON: And you also helped prepare me well for this new role; after all New Yorkers aren't afraid to speak their minds, and they do so in every language.

REPORTER: A spokesman for Senator Clinton says she will stay in office through her confirmation.

Governor Paterson says he won't appoint a successor until the Senate seat is officially vacant, and a spokesman says that's likely to be around Inauguration Day on January 20th.

The governor says more than a dozen people have expressed interest in the job.

One person not on that list: Congresswoman Nita Lowey. She says she's not interested.