Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (130537)	4/19/2012 8:05:51 AM
From: TideGlider	2 Recommendations Read Replies (1) of 224748

A 'dire' situation: Post Office loses $5.1 billion Karen Bleier / AFP - Getty Images The government faces difficult decisions on the Postal Service. By Msnbc.com staff and wire The U.S. Postal Service said Tuesday 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. “The Postal Service can become profitable again if Congress passes comprehensive legislation to provide us with a more flexible business model so we can respond better to a changing marketplace,” said Donahoe in a statement. “To return to profitability we must reduce our annual costs by $20 billion by the end of 2015." The Associated Press contributed to this report.

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