Jack element in communication with an electric motor and or generator

1. A drill bit comprising:

a body intermediate a shank and a working face and comprising an axis of rotation;

the working face comprising at least one cutting element and the body comprising at least a portion of a jack assembly;

the jack assembly comprising at least a portion of a shaft disposed within a cavity formed in the body of the drill bit, the shaft comprising a distal end extending from an opening of the cavity formed in the working face; and

the jack assembly also comprising an electric motor and/or generator;

wherein the jack assembly is adapted to stabilize the drill bit by indenting the distal end into a formation;

wherein the distal end of the shaft comprises a bias adapted to steer a tool string connected to the drill bit.

2. The bit of claim 1 , wherein the bit is a shear bit, a percussion bit, or a roller cone bit.

3. The bit of claim 1 , wherein the shaft is coaxial with the axis of rotation.

4. The bit of claim 1 , wherein the shaft is rotationally isolated from the drill bit.

5. The bit of claim 1 , wherein a seal is disposed around the shaft and in the opening of the cavity formed in the working face.

6. The bit of claim 1 , wherein the jack assembly comprises a spring connected to the shaft and the electric motor is in mechanical communication with the spring.

7. The bit of claim 6 , wherein the electric motor is adapted to change the compression of the spring.

8. The bit of claim 1 , wherein the electric motor is a stepper motor.

9. The bit of claim 1 , wherein the electric motor is an AC motor, a universal motor, a three-phase AC induction motor, a three-phase AC synchronous motor, a two-phase AC servo motor, a single-phase AC induction motor, a single-phase AC synchronous motor, a torque motor, a permanent magnet motor, a DC motor, a brushless DC motor, a coreless DC motor, a linear motor, a doubly- or singly-fed motor, or combinations thereof.

10. The bit of claim 1 , wherein the shaft is in mechanical communication with the electric motor.

11. The bit of claim 10 , wherein the electric motor is adapted to axially displace the shaft.

12. The bit of claim 1 , wherein at least a portion of the electric motor is disposed within the chamber.

13. The bit of claim 1 , wherein the electric motor is in communication with a downhole telemetry system.

14. The bit of claim 1 , wherein the electric motor is adapted to counter-rotate the shaft with respect to the rotation of the bit.

15. The bit of claim 1 , wherein the electric motor is in communication with electronic equipment disposed within a bottom-hole assembly.

16. The bit of claim 15 , wherein the electronic equipment comprises sensors.

17. The bit of claim 15 , wherein the electric motor is part of closed-loop system adapted to control the orientation of the shaft.

18. The bit of claim 1 , wherein the electric motor is powered by a turbine, a battery, or a power transmission system from the surface or downhole.

19. The bit of claim 1 , wherein the distal end comprises a hard material selected from the group consisting of polycrystalline diamond, natural diamond, synthetic diamond, vapor deposited diamond, silicon bonded diamond, cobalt bonded diamond, thermally stable diamond, polycrystalline diamond with a binder concentration of 1 to 40 weight percent, infiltrated diamond, layered diamond, polished diamond, course diamond, fine diamond, cubic boron nitride, chromium, titanium, matrix, diamond impregnated matrix, diamond impregnated carbide, a cemented metal carbide, tungsten carbide, niobium, or combinations thereof.