Postmaster General Louis DeJoy unveiled his 10-year strategic plan for the cash-strapped U.S. Postal Service on Tuesday, which includes higher postage rates, some slower services and reduced post office hours aimed at cutting red ink.
“The need for the U.S. Postal Service to transform to meet the needs of our customers is long overdue,” DeJoy said in a presentation of the plan online with other postal officials. DeJoy said unless changes are made soon, the postal service stands to lose $160 billion over the next decade.
Among the cost-saving measures he announced is a plan to "modify" first class delivery services by shifting transportation "from unreliable air transportation to more reliable ground transportation."
DeJoy also said prices would likely increase for mail and packages, but said he couldn't predict by how much or how widespread the price hikes would be.
Get the full story at NBCNews.com.
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