Postmaster General, Louis DeJoy announced a 10-year plan for the U.S. Postal service which till ultimately result in cuts to Post Office hours and longer mails delivery times. DeJoy announced the plan while also including that the USPS faces a $160 billion debt over the next 10 years.

In 2020, USPS lost $9.2 billion. due to the Coronavirus pandemic

“It is our path to financial sustainability and service excellence,” DeJoy said during a Tuesday press conference, adding that he believes the federal entity can be completely financially sufficient, but there is “growing concern” about its sustainability.

The plan aims to “erase” the service’s $160 billion debt will include eliminating its prefunded retiree health benefits mandate by combining the requirement with Medicare, the postmaster general said.

It will also likely result in longer waiting times for first-class mail delivery, higher postage prices and reduced service hours due to reduced delivery steps.

Chief Retail and Delivery Officer Kristin Seaver explained on Tuesday, however, that only 70% of first-class mail would be affected by longer wait times while the majority of all other shipping options will be delivered on time after implementation.

Keep reading at Fox Business.