US Postal Service will run out of cash within a year without Congress’ help, postmaster warns | CNN

The head of the US Postal Service has warned lawmakers that the storied 250-year-old agency is at a “critical juncture” and will run out of cash in less than a year unless Congress allows it to borrow more money and charge more for postage. “At our current rate, we’ll be out of cash in less than 12 months. So in about a year from now, the postal service would be unable to deliver the mail,” Postmaster General David Steiner said at a Tuesday hearing before the House Oversight Subcommittee on Government Operations. Steiner, a former FedEx board member who became postmaster last year, pointed to the yearslong decline in the use of traditional mail and regulations weighing down the Postal Service’s finances, such as legal obligations for universal service and a limit on how much the agency can borrow. The Postal Service has historically relied on revenue from its sales to stay afloat and does not receive tax dollars for operating expenses, though it has received some federal relief. A 10-year plan put in place in 2021 by Steiner’s predecessor to address its financial struggles has failed so far to reverse its losses. USPS said it incurred net losses of $9 billion last fis