00:02The United States Postal Service says it is in a severe financial crisis and is taking a major
00:08step to conserve cash. Starting today, the Postal Service is temporarily suspending its employer
00:15contributions to the federal retirement system, a move it says will free up about two and a half
00:20billion dollars this fiscal year. The move comes as Postmaster General David Steiner warns the USPS
00:27could run out of money within 12 months without major changes, including cutting delivery from
00:32six days a week to five or fewer. The Postal Service also wants to raise the price of a forever
00:38stamp
00:39from 78 cents to 82 cents. And starting April 26th, some postage prices will face a temporary
00:468% surcharge tied to transportation costs from the Iran war.
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