US postal service will run out of money by February 2027, says agency chief
The US Postal Service will run out of funds within a year, unless lawmakers lift a cap on how much money the agency can borrow, according to the postmaster general.In an interview with the Associated Press, David Steiner warned that the postal service – which relies on stamps and service fees rather than tax dollars to deliver mail six days a week to every address in the country – would run out of cash for employees and vendors by February next year.The agency has operated with a financial shortfall almost every fiscal year since 2007, as people and businesses have moved toward paperless billing and digital communication, forgoing first-class mail.But mail deliveries have continued, with USPS borrowing money from the US treasury to compensate for losses.Steiner, who is scheduled to testify before Congress this month, has called for changes to a federal law that caps the agency’s borrowing at $15bn.
wThe former CEO of the nation’s largest waste-management company and a former member of the FedEx board of directors who took over the postal service last July has also said that USPS needs to boost revenue by expanding a nationwide “last-mile” delivery network.Last-mile delivery – the most labor-intensive part of the delivery process – involves moving packages from distribution centers to customers’ doors.Despite talk in the Trump administration of privatizing the postal service or repositioning it as part of the commerce department, Steiner has told USPS employees that he does not believe in fundamentally changing the agency’s structure or mission.“I do not believe that the postal service should be privatized or that it should become an appropriated part of the federal government,” he said in his first video message to USPS employees in July 2025.“I believe in the current structure of the postal service as a self-financing, independent entity of the executive branch.
”Multiple postmaster generals over the past two decades have repeatedly asked Congress or regulators to change the various rules governing the postal service.In 2022, Congress did pass the Postal Service Reform Act, which ended a requirement that the agency pre-fund its retiree health benefits, but it left other constraints intact.Still, Steiner said, the agency needs intervention.The number of mail pieces that the service handles has dropped from 220bn to 110bn in recent years.“Take those 110bn and put a $0.
78 stamp on them.That’s $86bn of revenue that evaporated in 15 years,” Steiner told the AP.“If either FedEx or UPS lost $86bn of revenue, they would have no revenue.”Steiner said that the postal service must also be allowed the authority to raise postage prices, including upping the price of a first-class stamp from $0.78 to $0.
95.
Oil and gas prices rise again after Iran attacks production facilities
Oil and gas prices rose again on Tuesday after Iran carried out attacks on production facilities for the first time since the start of the war with the US and Israel.Brent crude, the international benchmark oil price, climbed 2.3% to almost $103 (£77) a barrel and was up nearly 50% from levels before the war began on 28 February. Wholesale gas prices rose nearly 3% to €52 (£45) a megawatt hour, compared with about €30 before the war.For the first time, Iran successfully targeted oil and gas production facilities rather than just refineries, terminals and storage
Rachel Reeves reveals push for fiscal devolution to English regions, says Brexit caused damage, and admits student loan system is ‘broken’ – as it happened
Time to wrap up…Rachel Reeves has announced that the Treasury will draw up proposals to hand England’s mayors a share of national tax revenues as part of a radical plan to rebalance the economy.The chancellor promised “a genuine break with the past” that would shift spending power away from Westminster, as she promised to create investment-led growth, across the UK.Reeves was delivering the Mais lecture – the second time she has given the high-profile annual address at Bayes Business School in London.It is no coincidence that the UK is “the most politically centralised of advanced democracies, and one of the most geographically unequal”, Reeves said.Treasury officials will bring forward a plan at the autumn budget to allow regional leaders to receive a share of national taxes, starting with income tax, she added
UK must learn lessons from AI race and retain its quantum computing talent, says minister
The UK will not let quantum computing talent slip through its fingers and must learn lessons from US dominance of the AI race, the technology secretary has said, as the government announced a £1bn quantum funding pledge.Liz Kendall said the government hoped to retain homegrown quantum startups, engineers and researchers rather than lose them to competing countries, with the US stealing a march on its western rivals in AI.“I do look at what’s happened on AI,” said Kendall. “I do think we need to learn the lessons and make sure we give our brilliant scientists, spinouts and startups the ability to stay here and make it happen. And that requires a government that is bold and ambitious and confident in these technologies of the future
Child abuse material ‘systemic’ on Elon Musk’s X amid Grok scandal, Australian online safety regulator warned
The Australian online safety regulator warned Elon Musk’s X amid the Grok sexualised image generation scandal that it found child abuse material was “particularly systemic” on X and more accessible than on “any other mainstream service”, correspondence obtained by Guardian Australia reveals.The eSafety commissioner wrote to X in January after its chatbot, Grok, was used to generate sexualised images of women and children online, which the prime minister, Anthony Albanese, described as “abhorrent”.In the letter, obtained by Guardian Australia under freedom of information laws, eSafety’s general manager of regulatory operations, Heidi Snell, pointed to Musk’s promise when taking over the platform in 2022 that “removing child exploitation is priority #1”, but said “the availability of CSEM [child sexual exploitation material] continues to appear particularly systemic on X”.“eSafety has not identified CSEM to be as readily accessible on any other mainstream service,” Snell said.eSafety had found that while action by X to tackle bot accounts in October 2025 had reduced use of some previously commonly used hashtags and terms to advertise CSEM, eSafety found hashtags to advertise the material still prevalent
Sabalenka may avoid championships in Dubai after ‘ridiculous’ comment
Aryna Sabalenka says she may never return to compete at the Dubai Tennis Championships after she and Iga Swiatek were harshly criticised by the tournament director for their withdrawals from the tournament last month.“I think it’s ridiculous,” Sabalenka said during her pre-tournament press conference at the Miami Open. “I don’t think he showed himself in the best way possible. For me it’s actually so sad to see that the tournament directors and the tournaments are not protecting us as a player. They just care about their sellings, about their tournament and that’s it
Sale warn England ‘superhuman’ Tom Curry needs time off to prolong career
Alex Sanderson has warned that Tom Curry’s physical playing style will shorten his career and has suggested England should give him the summer off with the World Cup next year in mind.The back-rower sustained a calf injury in the warmup for England’s Six Nations defeat by Italy in Rome. Sanderson, the Sale director of rugby, said on Tuesday that Curry has a grade-three calf tear and “he’ll be back this season” – but when remains unclear. “With Tom being superhuman the usual layoff times tend to be diminished because of his character and physique,” Sanderson said.The 27-year-old Curry had surgery on a persistent wrist injury after the British & Irish Lions tour last summer, sidelining him until November, and also has a chronic hip condition
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