April 10, 2020
Without help from Congress the US Postal Service will be out of funds by the end of the current fiscal year. This was the message from Postmaster General Megan Brennan to the House Oversight Committee on April 9, 2020.
Years of unsuccessfully working toward a comprehensive postal reform bill had brought the USPS to project that funding would run out by 2024. The COVID-19 pandemic has shortened that time frame to September 30, 2020, the end of the current fiscal year. The new estimates include an additional drop in first-class mail of $54 billion over the next 10 years due to the pandemic.
To keep the USPS operating, PMG Brennan and the USPS Board of Governors have requested access to $75 billion from Congress in loans and grants. PMG Brennan states that “As Congress and the Administration take steps to support businesses and industries around the country, it is imperative that they also take action to shore up the finances of the Postal Service, and enable us to continue to fulfill our indispensable role during the pandemic.”
House Oversight Committee member Representative Brenda Lawrence (D-MI) underscored the importance of the USPS to the American public by saying, “Every day, the dedicated employees of the Postal Service are on the front lines of the COVID-19 pandemic to ensure all Americans receive their mail and packages as well as critical medical supplies that are being shipped across the country.”