U.S. Postal Service reports record loss of $15.9B for year
By The Associated Press
Published: 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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Patience pays off as starting pitcher Volquez gets 1st win for Pirates
- Pirates should exploit free-swinging Brewers
- Plum native Umberger inching closer to making return for Blue Jackets
- Greensburg high school roundup: Yough softball defeats Belle Vernon in 10 innings
- Pens insider: Penalty killing a concern in Stanley Cup playoffs
- Undersized rookie Gibbons is blur on ice for Penguins
- Penguins’ Bylsma and Blue Jackets’ Richards know each other well
- Body found on train tracks in West End
- Daily News roundup: TJ edges Southmoreland in Section 3
- 4 dead in ‘horrific’ Armstrong County crash
- Bassist McBride stresses attitude for jazz hopefuls