One conservative group that will announce a set of demands for the debt ceiling is the House Freedom Caucus. Sources tell me Mark Meadows and his group of some 40 members will call on Republican leadership to pass a bill in July to deal with the debt ceiling and avoid a last-minute stand-off in October.

Our thought bubble: Democrats are very unlikely to support the Freedom Caucus' first plan, meaning there's no path to 60 votes in the Senate. Also, a number of Treasury officials, past and present, believe asset sales are not a viable way to avoid or delay raising the debt limit. As for the other more aggressive options, a source familiar with House leadership's thinking told me such approaches are unrealistic and "typical of the Freedom Caucus."

The Freedom Caucus will offer three options: