Thursday, August 9, 2012

Post Office Reports $5 Billion Quarterly Loss

Posted By on Thu, Aug 9, 2012 at 4:06 PM

Reporting a quarterly loss of $5.2 billion, the impoverished U.S. Postal Service warned Congress Thursday that unless it receives significant help, the agency will be unable to borrow money in the fall.

The Hill reports the agency's net loss this fiscal year totaled $11.6 billion.

The Postal Service does not receive tax dollars to support its operations, but instead depends on stamp sales and income from its services.

The U.S. Postal Service website had this to say:

“We remain confident that Congress will do its part to help put the Postal Service on a path to financial stability. We will continue to take actions under our control to improve operational efficiency and generate revenue by offering new products and services to meet our customers changing needs."

Reuters reports the majority of the $5.2 billion third-quarter loss was the result of money the agency is required by Congress to set aside for its retiree payments. The agency's trouble is also partly due to Americans forgoing mail and communicating online.

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