USPS: We'll Be Out Of Money By October

USPS is in crisis mode, stuck in an unsustainable business model that threatens to run the service into the ground by the end of the fiscal year in October.

The AP reports the Postmaster General broke the news to the House Oversight subcommittee on the postal service.

Although there’s no danger of postal workers going unpaid or mail going undelivered, USPS is in danger of stiffing the federal government on a payment of $5.5 billion, due Sept. 30, for advance funding of medical costs for future retirees, and it won’t be able to make a $1.3 billion worker’s comp payment due in November either. The Postmaster General is pushing for a change in the law that eases the payment requirements.

USPS isn’t funded by the federal government and any reduction of the payments would increase the budget deficit.

Postal Service on path to be broke by October [AP via MSNBC]

Previously: USPS Shutting Down 2,000 Locations