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.

Filed in: News

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