Today, ambitious Indiana Republican Rep. Jim Banks launches his bid to
replace retiring GOP Sen. Mike Braun. (Watch his announcement video
here.) The 42-year-old former chair of the Republican Study Committee is
widely seen as the favorite in the race, which has already attracted
interest from fellow Rep. Victoria Spartz. But he could face a
challenging primary if former Hoosier State Gov. Mitch Daniels jumps
in. 

And, Treasury Secretary Janet Yellen sent a letter to Speaker Kevin
McCarthy and other congressional leaders last Friday urging Congress to
act “promptly” to raise the debt ceiling and avoid defaulting. Yellen
writes that the debt is projected to reach its “statutory limit” this
Thursday, though she says it is “unlikely that cash and extraordinary
measures will be exhausted before early June.”

Playbook editor Mike DeBonis and deputy Zack Stanton discuss the
upcoming fight over debt ceiling and the state of Indiana's GOP senate
primary. 

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Raghu Manavalan is the host and senior editor of POLITICO's Playbook
Daily Briefing.
Jenny Ament is the executive producer of POLITICO Audio.