Eric Schmidt To Become United States Chief Technology Officer?

Google CEO, Eric Schmidt, has made his official endorsement for the Obama campaign and will be tagging along the campaign trail this week.
Google is going to need a friend in the government in the coming months with the Yahoo deal and privacy converns rising as controversial topics in congress.
Obama and Schmidt are on the same page concerning net neurtality and energy amongst other issues, but what does he really have to gain from this support?
Obama has said that when he gets into office, he will be creating a new cabinet position for a Chief Technology Officer to make the United States an even more dominant and self-sufficient (less outsourced jobs) tech ecosystem.
Schmidt is widely speculated as the man for the job and after his decision today to follow the campaign trail, things may be looking up.
As for his company, Google employees have contributed $487,355 to Sen. Obama’s campaign and $20,600 to Sen. McCain’s as of Aug. 31

What would life be like as a Google CEO in the cabinet?