View the House Joint Resolution to Repeal the 22nd Amendment and abolish the limitation of holding office only 2 terms per president. See it at this link on gpo.gov: http://www.gpo.gov/fdsys/pkg/BILLS-113hjres15ih/pdf/BILLS-113hjres15ih.pdf
Note the “seven years” timeframe on page 2 of the document. The Resolution was proposed on 1/4/13.
This is not the first time this has been proposed, but I do believe it is the first time it stands a chance of possibly actually being ratified (my opinion).