US Postal Service to tell Congress it needs urgent reforms to avoid running out of cash

WASHINGTON, March 16 (Reuters) - The U.S. Postal Service will tell Congress ‌on Tuesday it faces a ‌serious financial crisis and without significant reforms ​it will be out of cash in less than a year.

Postmaster General David Steiner will tell a House ‌Oversight subcommittee ⁠that USPS needs higher stamp prices, the ability to borrow ⁠more money and other reforms.

Steiner laid out potential options to cut ​costs: ending ​six-day-a-week deliveries, ​closing post offices ‌or raising first class mail stamp prices to $1 or more, up from the current $0.78.

"In order to ensure our survival beyond next year, we need ‌to increase our ​borrowing capacity so that ​we don’t ​run out of cash," ‌Steiner's written testimony seen ​by Reuters ​said. "The failure to do this could lead to the end of ​the ‌Postal Service as we know it ​now."

(Reporting by David Shepardson; Editing ​by Chizu Nomiyama)