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1.
A president who manages to remain popular and continues to get elected, despite scandal surrounding the administration or general dissatisfaction with government in general. Examples include Reagan, Clinton, and Bush II.
Iran-contra? It slides right off the Teflon president.

Monica Lewinsky? Impeachment, maybe, but the polls don't look too bad for this Teflon president.

Plamegate? Wire-tapping? Maybe your average Joe would be affected, but this is a Teflon president.
by A_1_B_2_C_______ October 08, 2006
 
2.
a president who cannot be removed from office because the accusations won't stick despite the corruption surrounding them. (from teflon, a material used in frying pans to prevent sticking, that has recently been shown to be unsafe)
Since the 1980s the U.S. has ended up electing one teflon president after another.
by Light Joker December 20, 2006