Fierce public backlash could force Democrats to rethink a proposal that includes the monitoring of most financial accounts, the Washington Examiner reported.

A plan to provide the IRS with access to individual bank accounts with balances as low as $600 may end up significantly modified or dropped altogether, the Examiner reported Thursday.

Republicans and trade groups oppose the proposal saying it would infringe on privacy, create significant liability for financial institutions, and add new costs for consumers.

Speaker Nancy Pelosi, D-Calif., brushed off concerns about the provision when reporters asked about it on Tuesday, the Examiner said.... Read More: Newsmax