Three Terms for Barack Obama?

With President-elect Barack Obama set to take the oath of office to begin his first term, one New York Congressman wants to make it possible for him to one day serve a third. Representative Jose Serrano (D) has introduced a bill in the House to abolish the 22nd Amendment to the Constitution, which limits presidents to two consecutive terms or ten years in office.

Until 1951, there was nothing preventing a president from seeing election for more than two terms. But all presidents prior to Franklin Delano Roosevelt honored a tradition begun by George Washington and served only two consecutive terms. Roosevelt stood for election for an unprecedented third term at the dawn of World War II and was elected to a fourth, only to die in office within months of his inauguration. He is the only American president to serve more than two terms.

The theory behind the 22nd Amendment is that modern day presidents exercise too much power and authority to be allowed access to it for very long. On the other hand, the presidency is the only federal office that is term-limited. The same arguments in favor of limiting presidents' time in office can be applied to Representatives and Senators as well.

What do you think? Should the 22nd Amendment be repealed? Should presidents be allowed to serve for as along as the people will elect them? And should Barack Obama be the first beneficiary of the proposed change?