The US Treasury said it needs more time to decide whether to fight House Democrats in their effort to get former President Donald Trump's personal and business tax returns, Bloomberg News reported on Wednesday.

Given the transition to new leadership in the Biden administration, the Treasury needs more time to evaluate its position on the taxes, Bloomberg said, citing government lawyers as saying in a filing with Washington federal court.

House Democrats have been examining whether Trump's business dealings involved money laundering or left him vulnerable to foreign influence.