US Postal Service faces cash crisis by 2027, postmaster general warns
AP News • • business
Key Points:
- The U.S. Postal Service will run out of cash by February 2027 unless Congress lifts the $15 billion borrowing cap that has been in place since 1990, warned Postmaster General David Steiner.
- Steiner emphasized the need for regulatory changes, including raising the borrowing limit and allowing postage price increases, such as raising the first-class stamp price from 78 to 95 cents, to address the agency’s financial losses.
- The Postal Service faces structural challenges, including delivering mail six days a week without federal budget appropriations and declining mail volume, which has halved over 15 years from 220 billion to 110 billion pieces annually.
- Steiner called for expanding revenue sources like last-mile delivery services and pension reforms,
