USPS will run out of funds within a year, postmaster says

The U.S. Postal Service will run out of money within a year if lawmakers don’t lift a cap on how much the agency can borrow, Postmaster General David Steiner says. Under current federal law, USPS can take on no more debt and its borrowing is capped at $15 billion. Steiner has asked Congress to increase the debt limit, allow an increase in postage prices and clear the way for reforms to its retiree benefit obligations. When asked whether USPS is considering additional layoffs and changes to its delivery system, Steiner says, “Look, what I've said is that we are in a crisis, and when you are in a crisis, everything has to be on the table.”