US Postal Service to ask Congress for urgent reforms to survive ‘beyond next year’

WASHINGTON, March 16 (Reuters) – The U.S. Postal Service will tell Congress on Tuesday it faces a serious financial crisis and will run out of cash in less ​than a year in the absence of significant reforms.

Postmaster General David Steiner will tell a ‌House Oversight subcommittee that USPS needs higher stamp prices, the ability to borrow more money as well as other reforms, including on pension funding and liabilities calculations, workers’ compensation and retirement fund investment strategies.