Holder also said releasing the documents would "inhibit the candor of executive branch deliberations in the future and significantly impair the ability of the executive branch to respond independently and effectively to congressional oversight."
A separate Justice Department letter to Issa made public minutes before Wednesday's committee meeting was scheduled to begin said Obama "has asserted executive privilege over the relevant post-February 4, 2011, documents."
"We regret that we have arrived at this point, after the many steps we have taken to address the committee's concerns and to accommodate the committee's legitimate oversight interests regarding Operation Fast and Furious," said the letter from Deputy Attorney General James Cole. "Although we are deeply disappointed that the committee appears intent on proceeding with a contempt vote, the department remains willing to work with the committee to reach a mutually satisfactory resolution of the outstanding issues."
The hearing started 20 minutes late as panel members digested Cole's letter, and Issa immediately made clear he intended to hold a vote on the contempt measure.
Issa's committee is specifically seeking documents that show why the Department of Justice decided to withdraw as inaccurate a February 2011 letter sent to Congress that said top officials had only recently learned about Fast and Furious.
Holder said he offered to turn over some of the documents sought by Issa when they met Tuesday in a final effort to resolve the dispute before Wednesday's hearing. Issa, however, said Holder put unreasonable conditions on his offer/
In a letter to Issa after Tuesday's meeting, Cole reiterated Holder's position that the documents would show Holder had nothing to hide about his role in Fast and Furious.