WASHINGTON (AP) - The Postal Service may need an emergency rate increase to stay afloat.
That's according to Postmaster General Patrick Donahoe, who's testifying before a Senate committee. Donahue says the agency's cash balance next month likely will cover only five days of its average daily expenses.
The panel is looking at a plan to fix the agency's finances, including ending Saturday delivery and changing the way retiree health care costs are calculated.
Without help from Congress, the agency expects its multibillion-dollar annual losses to worsen.
Media and marketing firms that depend on postal services say a broad rate hike could hurt their business.
The independent Postal Regulatory Commission must approve any emergency postal rate increase request.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Friday, December 6 2013 2:18 PM EST2013-12-06 19:18:21 GMT
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