The aim of this study was to test two competing theories concerning the trait of urgency: (1) urgency reflects the tendency to act rashly/impulsively when emotional; or (2) urgency reflects a general reflexive responsivity to emotions that can lead either to rash action or ill-advised inaction, and thus to either impulsive behavior or depression. Following prior findings that 5 grade urgency predicted 6 grade impulsive behavior, we tested whether urgency also predicted 6 grade depression (n = 1,906). After controlling for sex, early pubertal onset, 5 grade depression, 5 grade engagement in addictive behaviors, negative affect, positive affect, and other impulsivity-related traits, 5 grade urgency level did predict higher levels of depression at the end of 6th grade. This finding is consistent with the view that urgency can lead either to rash action or ill-advised inaction. Urgency may be of transdiagnostic importance, contributing both to internalizing and externalizing dysfunction.