A billion here, a billion there. The latest fiscal quarter’s loss for the U.S. Postal Service hit $1.3 billion, a postal official said Friday. That follows a $3.3 billion reported loss for the same quarter, running October through December, for the previous year.
The period is supposed to be the Postal Service’s strongest revenue generator due to holiday shipments. But revenues have fallen far below expenses for two years running. In 2012 alone, the Postal Service defaulted twice on required federal payments, Newsmax reported.
Meanwhile, the agency reported a total $16 billion loss for the full fiscal year, according to Newsmax.
Starting in August — unless Congress intervenes — the U.S. Postal Service will halt Saturday delivery of letters, a move estimated to save $2 billion a year.
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