The U.S. Postal Service (USPS) is in danger of running out of funds by the end of the fiscal year unless it receives financial assistance from the federal government.
The figure works out to be roughly 18 percent of the Postal Service’s annual budget, and would leave it out of money by the end of September, Brennan told lawmakers Thursday. She added that over the next 10 years, the USPS could lose a further $54.3 billion.
Brennan said that the USPS was at a “critical juncture.”
During the meeting, Brennan asked the Treasury to grant the USPS $25 billion in loans in “unrestricted borrowing authority.”
The agency’s bipartisan Board of Governors, appointed by President Donald Trump, also requested a $50 billion bailout from Congress to put toward “shovel ready” modernization projects, and to cover its losses due to the CCP virus pandemic.
The agency is due to receive roughly $13 billion after Congress passed a $2.2-trillion economic stimulus package last month.
“The Postal Service is holding on for dear life,” Chairwoman Carolyn Maloney (D-N.Y.) said in a statement. “Unless Congress and the White House provide meaningful relief in the next stimulus bill, the Postal Service could cease to exist.”
Rep. Stephen Lynch (D-Mass.) thanked USPS employees for their efforts during the pandemic.
“Reminiscent of their courageous service in response to 2001 anthrax attacks, the dedicated employees of the U.S. Postal Service are serving a critical role in our nationwide pandemic relief efforts—from delivering essential medical supplies and protective equipment to facilitating voting by mail in preparation for the 2020 election,” he said.