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.

Jan. 17, 2023: Rep. Jim Banks leans into the culture war with Senate bid