Expecting a federal tax refund? Perhaps you should hurry up and file.
As House Republicans struggle to coalesce around a strategy for embracing an increase to the nation's $17 trillion-plus debt ceiling so the nation can keep paying its bills, Democrats on the Ways and Means Committee are floating a new bogeyman if the delay continues.
A wave of bank runs by worried depositors was blamed for helping to drive the United States even deeper into the Great Depression in the 1930s.
Now, suggest the Democrats, there could be a potential "panic" when Americans in upcoming weeks file their income-tax returns, particularly if fear builds that the Treasury Department might not be able to immediately refund all that it owes to taxpayers.
"First come, first served," said one senior Democratic aide on Wednesday of the millions of refunds paid out each year, adding that "Treasury can only pay out what it has."
reply to post by neo96
Everything with the government is "interest free" or "payment free", just ask China...
Tax refunds never made sense to me. It means people over paid.
No one should be getting tax refunds.
What your doing is giving the US government a interest free loan.
Really they shouldn't be withholding our money at all
reply to post by SloAnPainful
To be frank I half suspect the Democrats of doing a little fear mongering.
By throwing this at the House Republicans now, they've put them on the spot, damn if they do, damned if they don't.
In the world of CYA I think it's a pretty slick move--- with one news article the blues have targeted the reds as the people you blame if you don't get your refunds.