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It is used to raise and disburse funds for political campaigns. Under US campaign finance laws, PACs are treated differently from either a political party or a candidate's own campaign funds.
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Is this a clever reference to something? If not, it raises even more questions...
After a president is elected in November he (and perhaps one day, she) is officially "sworn in," after which he begins his term as president. This generally occurs on inauguration day in January, several months after the election. President Obama, for example, was elected on November 4, 2008, and he was inaugurated, sworn into office, on January 20, 2009. The oath of office ceremony refers to how the president is sworn in: there is a ritual where he places one hand on a Bible (although this is not mandatory, it has become a custom) and raises the other hand, repeating the 35-word pledge, which includes the promise to "preserve, protect, and defend" the Constitution of the United States. The oath is usually given by the chief justice of the Supreme Court.
power to vote themselves raises, as well as the right to serve unlimited terms