Atrios has this one. Please take the time to read this one. Arrogant is a word that comes to mind. I'm not sure how to even respond to this.
First of all, Republicans already control most of government. The executive is theirs. Congress is theirs. And thanks to Bush's recess appointments, the judicial will be theirs as well.
Although, word is that two or three of the Supreme Court Justices might be looking to retire on Bush's watch. So what would be the point of this legislation? Greed is another word that comes to mind. It's bad enough that conservatives are trying to "clean up" the airwaves, but now it appears that they are trying to re-write the Constitution.
I don't think that this will be taken seriously, but who knows. It is an election year, after all.