Postal Service Debt Reduction and Truth in Budgeting Act

Postal Service Debt Reduction and Truth in Budgeting Act - Requires the Postmaster General to submit to the Congress a plan providing for: (1) the reduction of the accumulated debt of the Postal Service, by September 30, 2003, to an amount that is not more than five percent of its annual revenues; and (2) maintenance of the accumulated debt at such level.

Provides that, if the reduction is achieved, the Postal Service shall have the authority on or after October 1, 2005, to have accumulated debt of not more than seven and one half percent of its annual revenues.

Requires the Postmaster General to include in the submission to the Congress of the Postal Service's budget for a fiscal year a detailed accounting of actual and budgeted revenues and expenditures for the preceding fiscal year.