Denies president's hosting new billionaire (9)

I believe the answer is:

abnegates

'denies' is the definition.
(abnegating is a kind of denying)

'president's hosting new billionaire' is the wordplay.
'president' becomes 'Abe' (Abraham (Abe) Lincoln).
'hosting' is an insertion indicator.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'billionaire' becomes 'gates' (I've seen this before).
'abe' going around 'n' is 'abne'.
'abne'+'gates'='ABNEGATES'

I've seen this clue in The Guardian.

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