US Postal Service tells Congress it needs help, running out of cash

WASHINGTON, June 24 (Reuters) - U.S. Postmaster General David Steiner will tell Congress on Wednesday that the financially struggling agency has a broken business model and needs help from lawmakers to turn around its operations.

"The bottom line is that we are out of cash. We are borrowing from our employees’ retirement funds to continue operations," Steiner's written testimony before a U.S. Senate committee says, warning it could run out of operating funds in months if it stopped deferring obligations. "The Postal Service has a broken business model."


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.