Happily, after vacation, presidential leader's no longer in charge! Entrancing thought! (8)
I believe the answer is:
hypnotic
'entrancing thought' is the definition.
'hypnotic' can be an answer for 'entrancing' (I've seen this before). I am not certain of the 'thought' bit.
'happily after vacation presidential leader's no longer in charge' is the wordplay.
'after vacation' suggests removing the centre (the inside letters must vacate).
'leader' suggests taking the first letters.
'no longer' becomes 'not' (I can't justify this - if you can you should give a lot more credence to this answer).
'in charge' becomes 'ic' (abbreviation for 'in charge').
'happily' with its middle removed is 'hy'.
The initial letter of 'presidential' is 'p'.
'hy'+'p'+'not'+'ic'='HYPNOTIC'
Can you help me to learn more?
(Other definitions for hypnotic that I've seen before include "Sleep-inducing" , "Sleeping pill" , "Mesmerising" , "Entrancing" , "spell-binding" .)