USPS Warns Senate of Cash Crisis: Nearly $31B in Debt, Postmaster General Seeks Federal Subsidy or Independence

Summary

Postmaster General David Steiner told a Senate panel on June 25 that the U.S. Postal Service is nearly $31 billion in debt with only $8.9 billion in unrestricted cash available, deferring retirement fund payments to stave off a 2027 shutdown. USPS now projects running out of cash between 2031 and the second half of 2034. Steiner presented a stark choice: allow USPS to operate as a truly independent agency free of government mandates, or reimburse the agency for providing universal service. He also requested raising USPS borrowing authority from $15 billion to $30-$40 billion and criticized the Postal Regulatory Commission for treating USPS like a monopoly despite competition in every mail category.