WASHINGTON — The Postal Service may need an emergency rate increase to stay afloat, Postmaster General Patrick Donahoe told a Senate committee Thursday. Donahoe said the agency’s cash balance next month likely will cover only five days of its average daily expenses.
The Senate panel is looking at a plan to fix the agency’s finances, including ending Saturday delivery and changing the way retiree health-care costs are calculated.
Without help from Congress, the agency expects its multibillion-dollar annual losses to worsen.
The independent Postal Regulatory Commission must approve any emergency postal rate increase request.
Read more in Friday's Arkansas Democrat-Gazette.