Can’t believe we missed this here.
Yesterday, Sen. Jim DeMint (R-SC) introduced an amendment to the Constitution to limit the terms of all Senators and US Representatives. Senators would be limited to a maximum of 12 years (2 terms) and Reps. a maximum of 6 years (3 terms).
The amendment is co-sponsored by one-term Sen. Tom Coburn (R-OK), 2 term Sen. Sam Brownback (R-KS), and Sen. Kay Bailey Hutchison of Texas, who is mid-way through her third term, and would be in violation of the new term-limits law. From the Senator’s website-

November 10, 2009 – WASHINGTON, D.C. – Today, U.S. Senator Jim DeMint (R-South Carolina) introduced an amendment to the United States Constitution that would apply term limits to all members of Congress, limiting U.S. Representatives to three terms and U.S. Senators to two terms in office. The amendment is cosponsored by U.S. Senators Tom Coburn (R-Oklahoma), Kay Bailey Hutchison (R-Texas), and Sam Brownback (R-Kansas). As an amendment to the Constitution, it would require a two-thirds majority vote approval in the House and Senate and must be ratified by three-fourths of the states.

“Americans know real change in Washington will never happen until we end the era of permanent politicians,” said Senator DeMint. “As long as members have the chance to spend their lives in Washington, their interests will always skew toward spending taxpayer dollars to buyoff special interests, covering over corruption in the bureaucracy, fundraising, relationship building among lobbyists, and trading favors for pork – in short, amassing their own power. I have come to realize that if we want to change the policies coming out of Congress, we must change the process itself. Over the last 20 years, Washington politicians have been reelected about 90% of the time because the system is heavily tilted in favor of incumbents. If we really want to put an end to business as usual, we’ve got to have new leaders coming to Washington instead of rearranging the deck chairs as the ship goes down.”

Senator Coburn added, “The best way to ensure we are truly a government of the people, for the people, and by the people, is to replace the career politicians in Washington with citizen legislators who care more about the next generation than their next election. The power of incumbency has created an almost insurmountable advantage for Washington politicians. Incumbency allows politicians to raise millions of dollars in campaign funds in exchange for earmarks. Incumbency gives Congress the power to raise money for itself – Congress just approved itself an increase of nearly $250 million from the U.S. Treasury that members will spend to promote themselves. Finally, with redistricting incumbents can choose their voters rather than voters choosing their representatives. Term limits is the best way to break this cycle.”

Read the rest here

Here is a PDF File of the Amendment