Postal Service loses $3.2 billion in Jan-March
By Emily Stephenson
WASHINGTON | Thu May 10, 2012 4:38pm EDT
(Reuters) – The Postal Service said its loss widened to $3.2 billion in the first three months of 2012 and repeated on Thursday its warning that it will likely default on payments to the federal government unless Congress passes legislation offering some relief.
The agency, which does not receive taxpayer funds and has been losing billions each year as Americans communicate online, said it lost $2.2 billion in the same period in 2011.
Postal officials are pressing Congress to pass legislation that would allow the agency to move forward with its five-year business plan, including ending Saturday mail delivery. In the meantime, they have sought ways to cut costs.
The announcement came a day after the cash-strapped mail service said it was walking back a plan to close thousands of money-losing post offices and would instead slash operating hours at 13,000 locations with low traffic.
https://www.reuters.com/article/2012/05/10/us-usa-postal-loss-idUSBRE84914R20120510