The federal government is set to hit its borrowing limit of roughly $31.4 trillion on Thursday, setting the stage for what’s likely to be a months-long fight between House Republicans, the Biden White House and congressional Democrats.

The Treasury Department is set to start deploying “extraordinary measures” to avert a debt default, buying time, likely until June or later, for lawmakers to again raise the borrowing limit — or at least battle over the idea while financial markets sweat out the possibility of an economic calamity.

Where things stand: House Republicans led by Speaker Kevin McCarthy (CA) and a band of conservatives are demanding spending cuts in exchange for raising the limit and are pressing the White House to start negotiations now.

Of course, Republicans did not make such demands when it was necessary to raise the debt limit under former President Donald Trump. But some in the party see this as a rare opportunity to force cuts they have long pursued — and to make Democrats swallow some of the blame for moves that could well be politically unpopular. And some in the GOP are dead set on having a fight, convinced —despite past evidence —that they can win if only they hold strong. “There are two ways to [avert a default],” conservative Rep. Chip Roy (R-TX), told CNN recently. “Democrats and Republicans sit down and work honestly around the table to avert it, or brinkmanship, forcing the question by bringing it to the brink.”

For its part, the Biden administration refuses to engage, recalling the similar showdown under the Obama administration in 2011 that highlighted the nation’s growing political dysfunction and led to an unprecedented downgrading of the U.S. debt rating.

The White House has insisted that Congress should raise the ceiling without conditions. On Wednesday, it seized on a tweet by Rep. Andy Biggs (R-AZ) to warn that the GOP was playing with fire. “We cannot raise the debt ceiling,” Biggs tweeted Tuesday afternoon. “Democrats have carelessly spent our taxpayer money and devalued our currency. They've made their bed, so they must lie in it.” The White House responded by accusing Republicans of “unprecedented economic vandalism,” according to Bloomberg News.

“This is a stunning and unacceptable position that would lead to economic chaos, collapse, and catastrophe,” White House Spokesman Andrew Bates said of the Biggs tweet.

Not all Republicans are threatening to send the economy over that cliff, but it remains unclear what specifically the GOP would ask for in any potential talks — or whether the party can reach a consensus among its members.