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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-09-12 03:42 PM
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Postal Service pleads for help as losses continue
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Source: cnn

Postal Service pleads for help as losses continue
By James O'Toole @CNNMoney February 9, 2012: 1:26 PM ET

NEW YORK (CNNMoney) -- The U.S. Postal Service renewed its pleas for congressional support Thursday as the floundering agency reported another massive quarterly loss.

The Postal Service announced that it sustained a net loss of $3.3 billion in the last three months of 2011, as declining mail volumes and mounting benefit costs continue to weigh on its business.

In the previous fiscal year, the Postal Service lost $5.1 billion and said its losses would have been roughly $10.6 billion if not for the passage of legislation postponing a $5.5 billion payment required to pre-fund retiree health benefits.

In a statement, the Postal Service urged the government to do away with the requirement that such benefits be funded at their current rates, and also called for greater "delivery flexibility."

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Solidarity, brothers and sisters, but the deck has been stacked against you.
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