WASHINGTON — The head of the U.S. Postal Service says the agency needs to increase the price of first-class mail stamps from 78 cents to as much as 95 cents, as it is projected to run out of cash by early 2027.
Postmaster General David Steiner warned that by February, employees and vendors could go unpaid.
“We got here because of the drastic reduction in mail volume — from a historic peak of 213 billion pieces per year to 109 billion pieces per year today,” Steiner testified Tuesday before the House Oversight Committee.
Steiner made his case for Congress to increase the $15 billion borrowing cap set in 1990.
“If you applied inflation or based it on revenue, that limit should be $30 billion to $40 billion,” he added.
Add your first comment to this post