Sen. David Vitter is talking on the Senate floor about a proposal submitted by Vitter, John Thune and others that would terminate the Treasury Department’s TARP authority and commit all repayments to deficit reduction. The proposal is being offered as an amendment to the bill that would lift the debt ceiling by $1.9 trillion. Staffers say the vote should happen around 2 p.m.

Update: Thune makes his case for the amendment here.