US Postal Services says it could run out of money by October

US Postal Services says it could run out of money by October

US Postal Services says it could run out of money by October

The postal service says it will run out of money by September if Congress doesn't step in to help.

'The Postal Service was technically insolvent to begin with, but the pandemic has completely changed the environment here.

"I want to commend the fearless men and women of the Postal Service for all they are doing in the midst of this pandemic", said Carolyn Maloney, the oversight committee's chairwoman, after receiving a briefing from Brennan on Thursday.

Rain or snow, the mail must go through, but will the U.S. Postal Service survive the coronavirus pandemic?

Postmaster General Megan Brennan stated that the company could be subject to a $13 billion revenue loss, and projections indicate that the pandemic could cost the agency $54 billion over the next decade.

But the fight over funding the Postal Service isn't likely to be resolved anytime soon, even as lawmakers look for ways to prop up industries across the economy.

President Donald Trump has thus far rejected the Postal Service's requests.

"T$3 hey lose money every time they deliver a package for Amazon or these other Internet companies", the president said, adding, "If they'd raise the prices by actually a lot, then you'd find out that the Post Office could make money or break even". But they don't do that. "And I'm trying to figure out why".

Sen. Bernie Sanders on Sunday urged Congress to act immediately to stop President Trump from using the novel coronavirus outbreak "as an opportunity to bankrupt and privatize the Postal Service", a longstanding goal of the conservative movement.

Getty Is mail delivered on Easter Sunday this year? Without it, Democrats warn some vulnerable populations wouldn't be able to get prescriptions or essential goods, which have become crucial during the escalation of coronavirus.

Medical supplies and protective equipment have been delivered to individuals across the country over the past few weeks. Mail delivery and the United States Postal Service are among the businesses deemed "essential", which means that, in general, mail will still be picked up and delivered amid the pandemic.

"I'm so frustrated at how hard it has been for a long time to galvanize attention and action around an essential service", Connolly said in a phone interview. Last week, it declined by 30%, and the Postal Service estimated it could drop as much as 50% in the third quarter of this year.

The Postal Service is calling on Congress to provide $75 billion in cash, grants and loans, but Trump is standing in the way of any relief funding for USPS.

"If we're concerned about the Postal Service and its workers", said Romina Boccia, an economist at the right-leaning Heritage Foundation, "the best thing we can do is to free up the Postal Service to operate like a business so they can try to get back into the black".

"We are at a critical juncture in the life of the Postal Service".

"Now, more than ever, we need a strong and vibrant postal system to deliver mail 6-days a week", tweeted Sanders, a senator from Vermont.

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