US Postal Service loses $2B this spring [View all]
Source: ASSOCIATED PRESS
WASHINGTON (AP) — The U.S. Postal Service says it lost $2 billion this spring despite increasing its volume and charging consumers more money to send mail.
The agency’s quarterly loss was significantly higher than its $740 million loss during the same three-month period last year. The agency said revenue jumped 2 percent compared to last year. But because of compensation and benefit costs, the agency continues to face a deficit.
Agency officials said the Postal Service would likely remain in bad shape unless Congress acts on reform legislation. In a statement released Monday, the agency said it would have to default on a congressionally mandated payment of $5.7 billion this September for health benefits for future retirees.
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Read more: http://www.salon.com/2014/08/11/us_postal_service_loses_2b_this_spring/
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