“At our current rate, we’ll be out of cash in less than 12 months," Postmaster General David Steiner said

The U.S. Postal Service will tell Congress on Tuesday it faces a serious financial crisis and will run out of cash in less ‌than a year in the absence of significant reforms. Postmaster General David Steiner will tell a House ‌Oversight subcommittee that USPS needs higher stamp prices,

The U.S. Postal Service's leader says it is set to run out of money in less than a year and may have to stop deliveries because of declining mail volume and what USPS sees as burdensome requirements.

The head of the US Postal Service has warned lawmakers that the storied 250-year-old agency is at a “critical juncture” and will run out of cash in less than a year unless Congress allows it to borrow more money and charge more for postage.

Rising financial pressure is forcing major operational decisions, as structural challenges reshape a key national service’s future path.

USPS, which delivers to more than 170 million U.S. addresses, has a borrowing cap of $15 billion and has already hit ​that limit.

In about a year from now, the Postal Service would be unable to deliver the mail if we continue the status quo,” postmaster David Steiner told the Oversight Subcommittee on Government Operations, The New York Times reported.

The warning highlights long-standing financial issues facing the USPS, which operates differently from most federal agencies. The United States Postal

The U.S. Postal Service will run out of cash within a year unless Congress lifts a decades-old cap and allows the agency to borrow more money, the new postmaster general warned in