US Postal Service Running Out of Cash
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iStockphoto/Thinkstock(WASHINGTON) — Postal Service officials say they are still facing financial disaster, and their problems could soon cost all of us more to mail a letter.
Expecting to lose $6 billion this year, Postal Service officials told a Senate panel they may have to ask for an emergency rate increase. (A first-class stamp currently costs 46 cents.)
Senators were told the Postal Service is rapidly running out of cash to pay bills and the Postal Service Board of Governors could decide as early as next week to ask for a rate hike.
The good news for many communities is that the Postal Service told the Senate panel that it has no plans for more closings of post offices in the coming year. Postal Service officials say they will continue six-days-a-week delivery while Congress considers a postal reform plan.
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