U.S. Postal Service on a ‘Tightrope’ Lost $15.9 BillionSubmitted by emalvini on Thu, 11/15/2012 - 22:30
U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion
By Angela Greiling Keane
Nov 15, 2012 7:50 AM PT
The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday-season mailing, Chief Financial Officer Joe Corbett said today.
The service, whose fiscal year ends Sept. 30, lost $5.1 billion a year earlier. It announced the 2012 net loss at a meeting at its Washington headquarters.