Tags: Postal Problems

Post Office Losses Top $5.1 Billion Last Year

Tuesday, 15 Nov 2011 02:41 PM

 

WASHINGTON — The U.S. Postal Service says it lost $5.1 billion last year as a weak economy and increased Internet use drove down mail volume.

The bleak financial report for the fiscal year ending Sept. 30 was not as high as the $10 billion in losses previously estimated. But that's because an annual payment of $5.5 billion the post office owed the federal government has been deferred to a later date.

Postal officials called the financial situation "dire." They say the Postal Service will not be able to make the $5.5 billion payment due this Friday due to low cash flow.

Postmaster General Patrick Donahoe has warned of a postal shutdown next year unless there is congressional action to address the agency's long-term money problems.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Despite Deep Hole, Dems Optimistic About Taking the House

Thursday, 29 Jan 2015 15:18 PM

As House Democrats are huddling in Philadelphia at a two-day strategy meeting, two questions trump all others - can they . . .

WaPo: Obamacare Case Centers On 'What Does Ben Nelson Want'

Thursday, 29 Jan 2015 14:50 PM

Former Democrat Nebraska Sen. Ben Nelson is at the center of a Supreme Court challenge to the Affordable Care Act over t . . .

Sharyl Attkisson Testifies to Being 'Bullied' for Telling Truth

Thursday, 29 Jan 2015 14:44 PM

The Justice Department bullies and threatens investigative journalists for doing their jobs, former CBS News corresponde . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved