Postal Service Reaches $15 Billion Debt Limit
The cash-strapped U.S. Postal Service cannot borrow anymore money.
Last month, the independent government agency reached its $15 billion debt limit. The USPS cash reserves are reportedly running dangerously low.
To run its business, the postal service can only borrow money from the U.S. Treasury, as opposed to private banks. The postal service has been borrowing billions of dollars from taxpayers in recent years to make up for shortfalls.
It reported a more than $5 billion loss for the quarter that ended June 30.