Postal Service Records $15.9 Billion Loss

By Jack Phillips
Epoch Times Staff
Created: November 15, 2012 Last Updated: November 15, 2012
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The U.S. Postal Service on Thursday said it lost a record $15.9 billion in the most recent fiscal year, and called on Congress to act accordingly in creating a postal overhaul.

During the same period last year, the Postal Service only lost $5.1 billion.

Postmaster General and CEO Patrick Donahoe said his agency continues “to do our part to grow revenue and reduce expenses,” but Congress needs to work quickly.

“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” he said in a statement.

In April, the Senate passed a bill to overhaul the agency, but the House and the Postal Service said that it does not work in the long-term, according to political website The Hill.

“If Congress fails to act, there could be postal slowdowns or shutdowns that would have catastrophic consequences for the 8 million private sector workers whose jobs depend on the mail,” Art Sackler, coordinator of the Coalition for a 21st Century Postal Service, told the website.

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