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There is nothing specifically forbidding indictment of a sitting president in the Constitution, however long-term legal opinion has been that a president can't be indicted while in office because the indictment would interfere with his Constitutional duties. That's never been tested by SCOTUS, though, so if someone tried, it would be decided by SCOTUS. Picture, though, a president under idictment and on trial in a court of law. The judge would have authority over the president. Could the judge order the president to reveal classified info? What if we were attacked while the trial was being carried out? Would the judge have the authority to detain the president, thus preventing him from presiding over his duties? What if the president refused to show for court? Who could arrest him? It would be hard to argue that any court other than the Supreme Court could have jurisdiction over a sitting president.
There is another argument based on the Constitution. The C says a president can be indicted, tried and punished after being removed from office. This could be construed to mean the president can't be indicted while in office--otherwise, why would the C have to specify that he could be removed AFTER office? If he could be indicted any old time, why even mention it?
Basically, though, it would be up to SCOTUS to decide.
An indictment would not warrant impeachment. The Constitution is specific (though it was ignored when Clinton was impeached): a president can only be removed from office for treason, bribery, or high crimes and misdemeanors (meaning "distinctly political crimes against the state," similar to treason or mutiny or other "high crimes" that directly betray the government). Impeachment can only happen in the House. The crime--if the president were indicted--would have to be impeachable for them to impeach him. (In the case of revealing classified info, it would be a "slam dunk" for impeachability).
Impeachment doesn't require indictment or conviction--it is simply a term meaning an official accusation made against a public official. A president can be impeached for anything Congress wanted to impeach him or her for, but can only be removed from office for the above offenses, so no one impeaches a president unless the crime can result in removal.
After a president is impeached and removed, then he or she can be indicted, per the Constitution.
That's how I understand it. I'm usually wrong, though.
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