The U.S. Postal Service is requesting access to $75 billion through a combination of cash, grants and loans to avoid a liquidity crisis this fall, the agency told Congress on Thursday.
Postmaster General Megan Brennan told the House Oversight and Reform Committee that USPS would lose $13 billion in fiscal 2020 due to the economic downturn resulting from the novel coronavirus pandemic, and the agency would “run out of cash” before Sept. 30. The agency’s board of governors, whose five Senate-confirmed members were all appointed by President Trump, is asking Congress for a $25 billion cash injection to offset expected losses, a $25 billion grant to fund “shovel ready” projects to modernize USPS and $25 billion in unrestricted borrowing authority.
All told, the already cash-strapped Postal Service anticipates losing $54 billion over the next 10 years as a result of the coronavirus outbreak