Postal Service Loses $5.2B In 2nd Quarter Of 2012
(CNN) -More losses for the U-S Postal Service. The agency reported losing more than five-billion-dollars just from April through June! This, despite improved revenue from shipping and packaging.
The service blames, in part, a Congressional mandate to prefund retirement health care benefits.
Also, it says first-class mail — that’s the one we use to mail letters and pay bills — is down, too.
The Postmaster General says he is “confident” Congress will help out.
If Congress doesn’t act, the Postal Service could start to run out of cash for a few weeks in October and again next spring.
The agency doesn’t normally use tax dollars for operations.
But the Treasury Department has loaned it almost 13-billion dollars.