TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

U.S. Postal Service reports record loss of $15.9B for year

Daily Photo Galleries

By The Associated Press
Thursday, Nov. 15, 2012, 9:56 a.m.
 

WASHINGTON — The struggling U.S. Postal Service is reporting a record annual loss of $15.9 billion.

The financial losses for the fiscal year ending Sept. 30 were nearly $11 billion more than the previous year.

The numbers cap a tumultuous financial year in which the post office was forced for the first time to default on more than $11 billion in payments to avert bankruptcy.

The mail agency for months has been urging Congress to pass an overhaul bill to let it trim letter delivery to five days a week and reduce annual payments for future retiree health care.

Postmaster General Patrick Donahoe says the large losses cannot be sustained.

The mail agency forecasts billions in additional losses next year as it awaits financial relief from Congress.

 

 
 


Show commenting policy

Most-Read Stories

  1. Rossi: Brawl for ADs between Pitt and WVU
  2. With Pittsburgh charges, feds target Uganda-based counterfeiting ring
  3. Penn Hills art classes provide unique, fun opportunities for seniors
  4. Steelers must be creative in providing snaps for linebackers
  5. Crime report: Burglaries down, violent crime up in Penn Hills
  6. Time is of essence for Pitt in finding football coach, athletic director
  7. Pitt offensive coordinator Rudolph still focused on Panthers
  8. Veteran tight end Miller’s blocking skill crucial to success to Steelers running game
  9. Youngwood fire department, recalling community’s help in dark hour, reaches out to homeless family
  10. Daily News high school roundup: Serra Catholic girls earn nonsection win
  11. 11 Westmoreland inmates accused of setting fire put in solitary confinement
Subscribe today! Click here for our subscription offers.