US Postal Service says it is running out of cash
Key takeaways
- Add ARY News on Google AAResize WASHINGTON, June 24: U.S.
- “The bottom line is that we are out of cash.
- Steiner wants Congress to compensate it for money-losing operations and make other reforms. In March, Steiner said the Postal Service was hiring restructuring advisers to help address its financial troubles.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize WASHINGTON, June 24: U.S. Postmaster General David Steiner told Congress on Wednesday that the USPS has a broken business model and needs help from lawmakers to turn around its operations.
“The bottom line is that we are out of cash. We are borrowing from our employees’ retirement funds to continue operations,” Steiner’s written testimony before a U.S. Senate committee said, warning it could run out of operating funds in months if it stopped deferring obligations. “The Postal Service has a broken business model and action is needed by Congress to fix it.”
Steiner wants Congress to compensate it for money-losing operations and make other reforms. In March, Steiner said the Postal Service was hiring restructuring advisers to help address its financial troubles.