This was a hardly noticed proposal on February 17th, 2005, in the U.S. House of Representatives. That is, to repeal, outright, the 22nd ammendment of the U.S. Constitution.
What is the 22nd ammendment? It's the one that term-limits the U.S. President to two terms. However, even if it were repealed, it would not allow GW Bush to serve another term. The "Extensions of Remarks" link above is very instructive.
Fortunately it's stalled in Committee. But, if it were to be enacted, that would be a disaster, in my opinion.