US Presidential Election

Now that I am in this part of the world, I got an opportunity to find out how the President of the United States is elected.This what I found out. I just hope I have figured it out correct.
Just a disclaimer: I have had very limited exposure to the US election process. So my interpretation may not be accurate.

How is the US president elected?
The US has an electoral college system established by the founding fathers as a compromise between election of the president by Congress and by popular vote. Under this system, citizens do not elect the president and vice president through a direct nationwide vote.
US citizens vote for electors who will then vote for the president.The presidential election is decided by the combined results of all 51 states’ elections. Under the federal system of the US constitution, the nationwide popular vote has no legal significance, as it is the total electoral votes that determine the winner and not the nationwide popular vote. As a result, it is possible that a candidate wins a majority of votes nationally but loses the election. This has happened twice in the 1800s and again in the 2000 presidential election when George Bush received fewer popular votes than Albert Gore, but won because he had a majority of electoral votes.

How does the electoral college system work?
Each state is allocated a number of electors equal to the total of the number of its senators (always 2) and the number of its members in the House of Representatives. The state’s share in the House of Representatives - and hence the number of Representatives — is determined by its share in the national population, according to the federal census. Thus the District of Columbia gets 3 electors as per the 23rd amendment to the constitution, which granted it the same number of votes as the least populated state. For the November 2008 elections, the Electoral College consists of 538 electors— one for each of 435 members of the House of Representatives and 100 Senators; and 3 for the District of Columbia. The electors are a popularly elected body of members who are elected on the Tuesday after the first Monday in November. This year it is November 4, 2008 (Children's day in India!).

How are electors selected?
The process for selecting electors varies throughout the US. In most cases, the political parties nominate electors at their state party conventions or by a vote of the party’s central committee in each state. In most states, the entire list of electors for the candidate who receives the most popular votes is appointed as electors for that state, making it a winner-takes-all system. This makes big states like California (55 electors), Texas (34), New York (31), Florida (27), Illinois & Pennsylvania (21 each) and Ohio (20) particularly important for any candidate since trailing even by a small margin in the popular vote in any of these means losing out on a huge chunk of electoral votes. But in some states, like Maine and Nebraska, two electors are chosen at large by state-wide popular elections and the rest by the popular vote in each congressional district. Thus, the electoral procedure in such states permits electors for more than one candidate to be chosen.

What will happen if none of the candidates wins a majority of the electoral votes?
If no presidential candidate gets a majority of the electoral votes then, the presidential is selected the House of Representatives. The House would select the president by majority vote, choosing from the three candidates who received the highest number of electoral votes. If no Vice Presidential candidate wins a majority of electoral votes, the Senate will select the Vice President by majority vote from the two candidates who received the greatest number of electoral votes. If the House of Representatives fails to elect a president by Inauguration Day, which is always in early January, the vice-president elect serves as acting president until the deadlock is resolved.

When and how do the electors elect the president?
The electors meet on the first Monday after the second Wednesday in December, which this year would mean December 15, 2008. At the meeting, they vote by ballot for the president and vice-president.
The electors’ votes are recorded on a Certificate of Vote. A majority of 270 electoral votes is required to elect the President and Vice President. No constitutional provision or federal law requires electors to vote in accordance with the popular vote in their state, but it is rare for electors to disregard the popular vote. However, some states do require electors to cast their votes according to the popular vote.

What happens after the electors have voted?
The Certificate of Vote from all states is sent to the President of the Senate sealed till Congress opens and counts them in a joint session. The Congress is scheduled to meet in a joint session in the House of Representatives on January 6, 2009 to conduct an official tally of the electoral votes. The Senate president announces the results after the votes are tallied and declares who has been elected as president and vice-president.

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