The U.S. Postal Service (USPS) on Tuesday outlined a proposed 10-year strategic plan that would slow current first-class delivery standards and raise some prices to stem $160 billion in forecasted red ink over the next decade.
The plan would revise existing one-to-three-day service standards for first-class mail letters to one to five days. USPS said 61% of current first-class mail volume would stay at its current standard.
It would shift more deliveries to trucks rather than airplanes, consolidate mail processing and cut hours at some retail locations. The plan assumes $44 billion in additional revenue from price increases, but officials declined to offer further details.
USPS Postmaster General Louis DeJoy, a supporter of former President Donald Trump who was named last year to head USPS, said without changes the Postal Service would need a “government bailout” — something it does not want to seek.