A subcommittee of the Senate Homeland Security and Governmental Affairs committee is holding a hearing on the financial crisis and the Postal Service. (You can watch it live here.)Â Steve Losey is at the hearing, and he’ll have a longer story later, but I wanted to post a few important quotes; first, Sen. Tom Carper, D-Del., said this in his opening statement:
We may well be faced with a situation later this year where the Postal Service asks Congress to raise its borrowing limit or provide direct financial assistance. Those are steps I don’t think we should take.
Put another way: The Postal Service may be running out of cash by year’s end.
Carper and Sen. Susan Collins, R-Maine, support giving the Postal Service a two-year break from funding its future retiree health benefits fund, one of its biggest expenditures.
And, as we first reported this morning, Postmaster General John Potter asked Congress to reduce the delivery requirement â€” from six days a week to five. That could mean an end to Saturday delivery for at least part of the year, or to other delivery days if they’re lighter than Saturday.