New Delhi, March 18 -- 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.

"We're in a crisis," Steiner told lawmakers.

He said if the service defaults on some payments as it has in recent years, it will be out of money in less than a year. "If we stretch those out we're looking at more like February."

He laid out options for the loss-making agency to cut costs: ending six-day-a-week deliveries, closing post ...