The U.S. Postal Service is no longer on track to run out of money next year, Postmaster General David Steiner told Congress on Wednesday. The agency now projects a potential cash shortfall between 2031 and 2034 after pausing retirement fund payments.
Steiner testified before the Senate Homeland Security and Governmental Affairs Committee that USPS has been borrowing from its retirement plans to cover operations. He said the agency has cut non-essential spending and signed a multi-year delivery deal with DHL eCommerce.
The Postal Regulatory Commission waived minimum retirement payments through fiscal year 2030, providing about $15 billion in relief. USPS reported a $2 billion net loss in the second quarter of this fiscal year after a $9 billion loss last year.
Steiner urged Congress to update borrowing rules and retirement plans. Lawmakers from both parties have requested five-year financial projections before considering changes.
The agency is also facing scrutiny over its involvement in a 2030 census field test and a Trump administration order on mail voting.
