Business

Postmaster General: Post Office In Midst Of Financial Disaster

Donahoe: Postal Service As It Exists Today 'Financially Unsustainable'
Post Office (file/credit: Spencer Platt/Getty Images)

Post Office (file/credit: Spencer Platt/Getty Images)

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NEW YORK (CBSNewYork/AP) – Neither snow, nor rain, nor heat, nor gloom of night will keep a postal carrier from delivering your mail.

But lack of money might.

Postmaster General Patrick Donahoe said his agency is in “the midst of a financial disaster” and may need an emergency increase in postage rates to keep operating.

Donahoe told a Senate committee Thursday that “the Postal Service as it exists today is financially unsustainable.”

He’s asking Congress to let the Postal Service end Saturday mail delivery and reduce its annual payments for future retiree health benefits.

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