US Postal Service could run out of money as soon as October

March 17 (Reuters) - The head of the U.S. Postal Service told Congress on Tuesday it could run out of money in October or November if the agency continues to make required retirement and other payments to the government.

U.S. Postmaster General David Steiner told a House Oversight subcommittee that USPS needs higher stamp prices, the ability to borrow more money as well as other reforms from Congress. Steiner said if the default on some payments as they have in recent years they will be out of money in less than a year. "If we stretch those out we're looking at more like February," Steiner said.