Post Office Losses Top $5.1 Billion Last Year

Tuesday, 15 Nov 2011 02:41 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Morici: Jobs Growth Disappoints, Real Unemployment Hangs at 18%

Friday, 01 Aug 2014 09:11 AM

The Labor Department reported the economy added only 209,000 jobs in July. The unemployment rate rose to 6.2 percent, bu . . .

Israel: Truce is Over

Friday, 01 Aug 2014 06:20 AM

Israel declared a Gaza ceasefire over on Friday and killed more than 50 Palestinians in renewed shelling, saying militan . . .

White House: Hamas Attack 'Barbaric' Violation of Gaza Ceasefire

Friday, 01 Aug 2014 08:56 AM

The White House on Friday condemned a reported Hamas attack on Israeli soldiers in Gaza as a violation of the newly reac . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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