Dems threaten to hold tax refunds hostage over debt limit increase

john boehnerAll 16 Democrats on the House Ways and Means Committee have signed a letter to House Speaker John Boehner, R-Ohio, threatening a delay in tax refunds if the debt ceiling is not raised.

The letter, sent Monday, said last October’s shutdown caused a delay in the tax season. Refunds for “tens of millions of Americans” could be in jeopardy if a clean bill to increase the debt limit is not passed, it said.

Nearly $110 million in refunds with an average of $2,700 were sent last year, according to the letter, which warned that failure to act could “potentially raise unnecessary panic among families awaiting their tax refunds.”

“President Obama and Congressional Democrats have been clear: we will not negotiate over the full faith and credit of the United States,” the letter said. “Past Republican default threats rattled our economy and cost Americans hundreds of billions of dollars in lost retirement savings, increased the cost of owning a home, and cost us hundreds of thousands of desperately needed jobs. Let’s not add delaying tax refunds to the list. We look forward to working with you to protect American taxpayers.”

Treasury Secretary Jack Lew sent Boehner a letter  in January, saying the debt limit cap should be lifted by the end of February at the latest, according to Politico.

H/T: Accounting Today

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