The response came after Rep. Richard Neal (D-MA), the Ways and Means cCommittee chair, sent a request for six years of Trump's business and personal tax returns - as well as IRS processing information - on April 3.
Trump says he can not release the tax returns because he is under audit, and the administration has put up a united front aimed at blocking the documents from being released.
In a letter that is likely to intensify the latest showdown between the White House and Democrats in the House, Mnuchin said his department, which oversees the Internal Revenue Services (IRS), will not be able to review the request for the president's tax returns by Wednesday, the deadline set by the chairman of the House Committee on Ways and Means, Rep. Richard Neal, a Democrat from MA.
Mnuchin also revealed that Treasury Department lawyers have talked to the White House counsel's office about the question of releasing Trump's returns, telling lawmakers that the consultations occurred before the request arrived last week. Neal is relying on a 1920s-era law that says the IRS "shall furnish" any tax return requested by the chairmen of key House and Senate committees.
The New York Times reported this was the first public acknowledgment of communication between the White House and the Treasury Department over the tax returns.
US Secretary of Treasury Steven Mnuchin speaks during the daily press briefing at the White House in Washington, DC, January 11, 2018. "I'm not going to comment on specific conversations that we've had together".
Apparent wreckage from missing F-35 jet found: Japan gov't source
Just before the crash, the pilot contacted the other jets in an attempt to cancel the mission, according to officials. The stealth fighter, which has been beset by cost overruns and delays, has a price tag of around $100 million each.
After Mnuchin's request to leave, Waters responded: "Unfortunately, we are all pressed for time", adding that he could "choose to do whatever you want" but she would not close the hearing as other lawmakers had questions for him.
Neal last week asked Internal Revenue Service Commissioner Charles Rettig to hand over the president's filings.
Attorneys for the president have argued Neal's request risks using the IRS for partisan political aims, arguing House Democrats are engaged in a "gross abuse of power" that infringes on taxpayer privacy. No federal statute bars individuals under audit from releasing their tax returns. They say it requires the Treasury secretary to turn over any tax returns to the chairmen of the congressional tax committees who request them for investigative purposes. "I have no obligation to do that while under audit".
Once again, Republicans are challenging rule of law and executive norms whenever possible, as presidents have been releasing their tax returns for decades.
There are two legitimate ways that the president can refuse to disclose his returns: by demonstrating that the request is outside the committee's legitimate purview, or that the request itself is unconstitutional, according to Harold Krent, dean of the Chicago-Kent College of Law.
Democrats want access to the returns as part of investigations into Trump's business dealings and his campaign. "We are confident that this misguided attempt to politicize the administration of the tax laws will not succeed".