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A President that already served his/her first term.

It usually means that the President can focus on different things now since they know they have nothing to lose (usually).
"George W. Bush is a lame duck president now!"
by Tzeentch February 15, 2005
Used to describe a President during the period of time between losing an election (or being term limited) and the actual swearing in of the new President.
George W. Bush will be a lame duck President after the 2008 election.
by EricD June 26, 2005