Post office loses $5B in past year

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Friday, November 15, 2013

AP: The U.S. Postal Service lost $5 billion over the past year, its seventh straight annual loss.

The Postal Service has struggled for years with declining mail volume, but the lion's share of its financial plight stems from a 2006 congressional requirement that it make annual $5.6 billion payments to cover expected health care costs for future retirees. It has defaulted on three of those payments.

Postal officials have been pressing Congress to let the agency end Saturday mail delivery and reduce the payments for retiree health benefits. But prospects for a legislative fix are increasingly unlikely this year.

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