The Postal Service says it lost $334 million over the last three months and that mounting losses could lead to cash flow problems for the rest of the year.
The report for the financial quarter ending December 31 comes as lawmakers in Congress work toward fixing the agency’s troubled finances.
Officials say there was continued growth in revenue from package delivery, but first class mail continues to decline.
The Postal Service has been urging Congress to end Saturday mail delivery as it copes with steep financial losses. It lost $5 billion in the last fiscal year, down from $15.9 billion in 2012.
The agency recently won approval to temporarily raise the cost of a first-class stamp from 46 to 49 cents. The higher rate began Jan. 26.
(AP)
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3 Responses
They are doing no worse than the blacksmiths, typewriter stores and ice delivery services. The Congress should note that the military, in spite of its infamous inefficiency, no longer has ships powered by sail or coal, no cavalry units, and not one American soldier is issued a sword to carry into combat.
Packages and official documents need delivery – but that’s about it.
Like any good govt program that’s losing tons of money. … THROW EVEN MORE MONEY AT IT!
The Postal Service could make up its deficit very quickly and without additional funding from congress.
Just raise the bulk mail rate to the level of first class.
The establish a new lower rate for charities and such. This will not only add a cash cow to the USPS, but will free my mail box for items that really matter.