US Postal Service Warns of Cash Crunch
New Orleans News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The U.S. Postal Service is facing a severe financial crisis, with Postmaster General David Steiner warning Congress that they could run out of money in less than a year. The agency, which delivers mail to over 170 million addresses, has lost $18 billion since 2007 and is projected to lose $81 billion in revenue due to a crash in mail volume. Steiner is calling for higher stamp prices, increased borrowing limits, and changes to pensions and retirement investments to address the issue. The Government Accountability Office also agrees that urgent action is needed to fix the Postal Services broken business model.
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