Wait to get new president (5)

I believe the answer is:

biden

'president' is the definition.
(Joe Biden)

'wait to get new' is the wordplay.
'wait' becomes 'bide' (I've seen this before).
'to get' says to put letters next to each other.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'bide'+'n'='BIDEN'

I've seen this clue in The Guardian.

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