U.S. Postal Chief Vows More ‘Aggressive Actions’ After Missing Financial Target
WASHINGTON (Reuters) -U.S. Postmaster General Louis DeJoy will tell lawmakers on Wednesday he plans to take more “aggressive actions” after saying the agency will not meet its goal of breaking even in 2023.
The U.S. Postal Service (USPS) has reduced projected losses from $160 billion to $70 billion over 10 years after winning financial relief from Congress, instituting regular price hikes and adopting reforms.
DeJoy will tell the U.S. House Oversight Committee in testimony seen by Reuters that the “2023 break even goal proved to underestimate some organizational, operational, and financial challenges, and some economic factors that we are now facing that we could not have foreseen.”
“We will be taking more aggressive actions to get back on track,” he will add, without giving details.
Inflationary pressures have added $3 billion in USPS costs over the last two years.