Even as the price of a first-class stamp rose a penny Sunday to 46 cents, the U.S. Postal Service is operating on borrowed time.Read the rest here.
“We are currently losing $25 million per day,” Postmaster General Patrick Donahoe warned earlier this month. The agency lost nearly $16 billion in its last fiscal year, and its line of credit with the U.S. Treasury is tapped out.
If lawmakers don’t act, it could run out of money “between six months and a year at most,” said Richard Geddes, associate professor of policy analysis and management at Cornell University.