Postmaster general says USPS could run of cash by 2027

(NBC, KYMA) - Postmaster General David Steiner warned members of Congress Tuesday the United States Postal Service (USPS) could run out of cash within a year.

Steiner made those comments while testifying before the House Oversight Subcommittee on Government Operations, which oversees the independent service.

He also said the USPS lost $9 billion or more in each of the last two years.

Steiner called on congressional leaders to allow it to borrow more money and charge more for services to balance out those numbers, and give it more time to figure how to best move forward.

Most of the committee members questions, however, focused on waste and inefficiencies, with many saying the USPS is is responsible for turning around its financial situation.

The Postal Service has received some federal funds in recent years, but in general, it does not receive tax dollars for operating expenses. Instead, it relies on revenue from sales to fund its operations.