Post Office may run out of cash

The Guardian -  The US Postal Service will run out of funds within a year, unless lawmakers lift a cap on how much money the agency can borrow, according to the postmaster general.

In an interview with the Associated Press, David Steiner warned that the postal service – which relies on stamps and service fees rather than tax dollars to deliver mail six days a week to every address in the country – would run out of cash for employees and vendors by February next year.

The agency has operated with a financial shortfall almost every fiscal year since 2007, as people and businesses have moved toward paperless billing and digital communication, forgoing first-class mail. But mail deliveries have continued, with USPS borrowing money from the US treasury to compensate for losses.