In an interview with USA Today published Wednesday, Postmaster General Patrick Donahoe said Saturday mail delivery could end soon and three-day-a-week delivery could arrive within 15 years.
The Postal Service projects a $8.3 billion loss this year, with a $5.5 billion payment due Sept. 30 to cover future retirees’ health benefits. The Postal Service estimates that ending Saturday delivery could save nearly $3.1 billion a year.
“On Sept. 30, I won’t be able to pay my bills,” Donahoe said. “Our cash flow crisis is at a critical level.”
Donahoe also told the newspaper’s editorial board that stamp prices may increase from 44 cents to 45 cents in January 2012. More than 3,600 post offices are under review for either closure, consolidation or contracting out.
Click here for a video interview with Donahoe.