How to fix the U.S. Postal Service’s $1 billion crisis
The postal service’s $2.8 billion crisis could become the largest financial crisis in U. S. history if Congress does not act before Jan. 1, 2019, the U:T said Wednesday.
The USPS has said that it needs $1.3 billion in revenue by March 2019 to pay for the cost of its new $9 billion website.
But it needs at least $500 million by the end of March to cover its expenses.
The USPS is already under financial pressure.
It reported a loss of $5.6 billion in the third quarter, the worst quarter since the agency’s founding in 1865.
The Postal Service also reported that it had to delay the delivery of more than 1 million letters, more than 3 million packages, and over $3 million in mailings due to delays.
The agency has already been struggling with its finances, with revenue shrinking to $11.7 billion in 2020.
It’s not clear what the USPS will do with the money.
A House committee this week is expected to vote on legislation that would require the Postal Service to restructure its operations.
The post office is under an emergency financial plan that is expected by lawmakers to be unveiled by the next Congress.
It is not clear how much money would be needed to fix this crisis, and how many people would be affected.
Congressional Republicans have argued that the postal service is being run by an outside entity and are opposed to spending the money on the website.
A House GOP aide told the Associated Press that a plan for the postal system is being prepared.
Democrats have also pushed for a postal reform bill to be passed by Congress in order to make the system more transparent.