U.S. Postal Service May Seek Higher Debt Limit, Donahoe Says
This article is for subscribers only.
The U.S. Postal Service, which predicts an annual loss of as much as $9 billion, said it may ask Congress to raise its $15 billion debt limit unless lawmakers allow changes like stopping Saturday deliveries or closing more post offices.
Even if Congress allows the Postal Service to delay a required $5.5 billion payment next month for future retiree health-benefit costs, the agency will “barely” have the cash flow to continue operations when its fiscal year starts in October, James Miller, chairman of the postal board’s audit committee, said today.