Postal Service Reports Record $15.9 Billion Annual Loss

USPS service delivery truck in a residential a...

USPS service delivery truck in a residential area of San Francisco, California (Photo credit: Wikipedia)

WASHINGTON – The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.

The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year.  Having reached its borrowing limit, the mail agency is operating with little cash on hand, putting it at risk in the event of an unexpectedly large downturn in the economy.

“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” said Postmaster General Patrick Donahoe, calling the situation “our own postal fiscal cliff.”

Read more: http://readingeagle.com/article.aspx?id=428549

One comment on “Postal Service Reports Record $15.9 Billion Annual Loss

  1. We don’t need to see another bail-out!
    Here’s what the Postal Service should do to bail themselves out.
    1)Stop Saturday delivery.
    2)Make retires pay for more of their healthcare,like the rest of us.
    3)Have the USPS employees pay a bigger portion of their healthcare,like the rest of us.
    4)Have Obama allow for more drilling for oil so the price of gas goes down so the USPS can save some money on their fuel costs.
    That would be my suggestion on how the USPS can become more financially stable without a taxpayer bailout.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s