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1.
A politician, lobbyist, or other person who is politically isolated from the rest of the country, due to the royal court type environment of Washington, DC. Refers to I-495, the beltway around Washington, DC.

Could also mean someone who literally lives inside I-495, either in Washington, DC proper or one of the inner suburbs (Arlington, Alexandria, Falls Church City, Bethesda, Chevy Chase, etc)
These inside the beltway fatcats have lost touch with the values of the average american family!
by arlingtonlifer September 12, 2007