WASHINGTON, D.C. (WXOW) - The U.S. Postal Service cannot borrow any more money.
Postal Service Spokesman David Partenheimer says the independent government agency reached its 15 billion-dollar debt limit Sept. 28.
Now, the USPS cash reserves are reportedly running dangerously low.
The Postal Service can only borrow money from the U.S. Treasury, not private banks.
Congress has barred the treasury from lending it more than 15 billion dollars at a time.
The Postal Service has been borrowing billions of dollars from taxpayers to make up shortfalls.
The shortfalls come from declining mail volume and a 2006 congressional mandate to prefund retirement health care benefits.
It reported a more than 5 billion-dollar loss for the quarter ending in June.
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