73°
Baton Rouge, Louisiana
3 Day Outlook
Sun
86°
73°
50%
Mon
85°
73°
80%
Tue
83°
73°
90%

Latest Weather Blog

Follow our weather team on social media

Postal Service loses $3.2B in 2nd quarter

3 years ago May 10, 2012 May 10, 2012 Thursday, May 10 2012 Thursday, May 10, 2012 10:22:07 AM EDT in News
Source: Associated Press

WASHINGTON- The ailing U.S. Postal Service is reporting quarterly losses of $3.2 billion, brought on by declining mail volume and mounting costs for future retiree health benefits.

From January to March, losses were $1 billion more than during the same period in 2010.

Postmaster General Patrick Donahoe says the mail agency is incurring significant losses because Congress has failed to pass legislation allowing it to eliminate Saturday mail delivery and reduce health and other labor costs.

The Postal Service warned that its cash flow is running low. Without legislative action, the agency says it will be forced to default on more than $11 billion in health prepayments due to the Treasury this fall.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
PM T-Storms
85°
72°
Sun
PM T-Storms
86°
73°
Mon
T-Storms
85°
73°
Tue
T-Storms
83°
73°
Wed
T-Storms
84°
72°