George Washington
At the end of his second term, Washington retired for personal and political reasons, fatigued and disgusted with personal attacks, and to assure a truly contested presidential election could be held. He did not feel bound to a two-term limit, but his retirement ultimately set precedent. The two-term limit to the presidency was formalized with the 1951 adoption of the Twenty-second Amendment to the United States Constitution. Washington is often credited with setting the principal of a two-term presidency, but it was Thomas Jefferson who first refused to run for a third term on political grounds.
Federalist No. 71
When the paper was being made, there were other proposals put on the table for consideration. Some people decided to have two-year terms or eight-year terms. However, a two-year term was too short for the president to make a difference or even make a major move since the first year of presidency is supervised to see if he or she is fit to be president; the first year is taken in settling in and understanding the dynamics of how to run the country. So, two years would essentially rush the president and make him have rash decisions. The president may not take the position seriously or feel like they could even make an impact on the country. On the other hand, eight-year term is too long especially if that president was to get reelected. The president might end up doing what is best for himself rather than what the nation needs.