Postal Service Losses Mount As Default Deadline Looms

mail truck

Photo: Morristechnology.com

The United States Postal Service announced today that it lost $3.1 billion from April through June, which is sure to exacerbate an already dire financial situation for the beleaguered agency, the Associated Press reports.The Postal Service, an independent government agency, has struggled for years with diminished usage in the age of e-mail. It reported a total volume of 39.8 billion pieces of mail in the April-June period, more than 1 billion pieces fewer than during the same months last year.

The numbers posted today brings the agency’s losses since the beginning of the year to $5.7 billion, putting it on track to exceed its expected $8.3 billion deficit for the year.

The Postal Service’s most pressing financial concern is a $5.5 billion payment owed to the federal government on September 30th, the end of its fiscal year, to cover retirees’ health benefits.

“On September 30th, I won’t be able to pay my bills,” Postmaster General Patrick Donahue said last month.

 

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