USPS warns Congress it's running out of cash and needs a rescue

Postmaster General David Steiner told a Senate committee the agency has amassed nearly $31 billion in cumulative defaults and could run out of cash by year's end

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The U.S. Postal Service told a Senate committee on Wednesday that it is out of cash and needs Congress to overhaul its business model or risk a collapse of the nation's mail and package delivery network.

In written testimony before the Senate Committee on Homeland Security and Governmental Affairs, Postmaster General and CEO David Steiner said the agency's finances have reached a breaking point. "The bottom line is that we are out of cash. We are borrowing from our employees' retirement funds to continue operations," he wrote, adding: "The Postal Service has a broken business model and action is needed by Congress to fix it."

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