The Postal Service’s mounting financial crisis has led its top official to visit Congress and ask for help in saving the post office.
The AP reports Postmaster General Patrick Donahoe is among the witnesses scheduled to appear Tuesday before the Senate Homeland Security and Governmental Affairs Committee.
Postal officials said they are unable to make this month’s $5.5 billion payment to cover future employee health care costs because the Postal Service has reached its borrowing limit and does not have enough cash.
“Our situation is extremely serious,†Donahoe said according to the New York Times. “If Congress doesn’t act, we will default.â€
The Postal Service is facing a loss of $8 billion this year and mail volume has sharply declined 22 percent from five years ago.
