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Postal Service 'facing losses of historic proportion'
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| Contributor | kal |
| Last Edited | kal Mar 25, 2009 12:48pm |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Wednesday, March 25, 2009 06:00:00 PM UTC0:0 |
| Description | The financially strapped U.S. Postal Service will run out of money this year without help from Congress, Postmaster General John Potter warned on Wednesday.
"We are facing losses of historic proportion. Our situation is critical," Potter told a House subcommittee.
The agency lost $2.8 billion last year and is looking at much larger losses this year said Potter, who is seeking congressional permission to reduce mail delivery from six days to five days a week.
Potter also urged changes in how it pre-pays for retiree health care to cut its annual costs by $2 billion.
If the Postal Service does run out of money, the lingering question, Potter told the House Oversight post office subcommittee, is which bills will get paid and which will not.
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