electors
the people know what they need and what they want so, they elect their president.
congress
congress
Electoral College
The Electoral College.
The president-elect is sworn (formally inducted) into office.
the Electoral College, or you could call them the Electors.
At the moment, 2008, the US president is George W. Bush. The president elect is Barack H. Obama, he will formally take over from president Bush early in 2009.
Vice President-elect Joseph Biden will be sworn in prior to President-elect Obama.
President Elect
The possessive plural of "president-elect" is "presidents-elect."
Then the vice president-elect becomes president.