Postmaster General: Postal Service could run out of money this year!!

Cash-Strapped Postal Service Seeks Help in Cutting Costs

Postmaster General John Potter warns that the Postal Service could run out of money this year.

Wednesday, March 25, 2009

WASHINGTON -- Postmaster General John Potter says that without help, the U.S. Postal Service will run out of money this year.

Potter told a House subcommittee Wednesday the lingering question is: Which bills will get paid and which will not.

He said he will make sure that salaries are paid, but also said other bills might have to wait. Potter is seeking permission to reduce mail delivery to five days a week and wants to reduce other costs.

He said the post office is "facing losses of historic proportion. Our situation is critical."

The post office was $2.8 billion in the red last year and is facing even larger losses this year due to the sharp decline in mail volume in the weak economy.

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