The United States Postal Service may have to file for bankruptcy if it goes into default this month.
According to the agency, it is believed that the Post Office’s deficit will be valued at over $9 billion this year, and it must make a $5.5 billion payment in September to avoid going bankrupt. In order to save more money, USPS is considering closing thousands of post office locations and laying off 120,000 employees. The company may even call for an end to Saturday mail delivery.
The USPS has seen much less revenue in recent years due to a rise in Internet use, causing a decrease in the amount of physical mail being sent. Unless congress decides to help, the Post Office could be shut down as early as this winter.
A hearing is being held today by the Senate’s governmental affairs committee to discuss the issue.
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