USPS going broke says postmaster general

USPS is in danger of going broke postmaster general John Potter has said. He told the House that the post office may run out of money by the end of the year if it does not get aid.

USPS is in danger of going broke postmaster general John Potter has said. He told the House that the post office may run out of money by the end of the year if it does not get aid.

He said that the post office is “facing losses of historic proportion. Our situation is critical.”

The office simply cannot pay all its bills.

The postmaster general said he will pay all the salaries, but that other bills might just have to wait. He also asked that mail delivery drop to five days per week.

Last year, the post office lost $2.8bn, Fox News reported. With the global recession in full swing, USPS is poised for even bigger losses in 2009.