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Postal Service reports $740 million third-quarter loss

By Andrew Miga

Associated Press

LAST UPDATED: 09:38 a.m. HST, Aug 09, 2013

WASHINGTON » The Postal Service says it lost $740 million over the last three months and that without help from Congress its financial woes will only worsen.

The report for the financial quarter ending June 30 comes as Congress considers proposals to fix the agency's finances. The agency lost $16 billion last year and is trying to restructuring its retail, delivery and mail-processing operations.

The service wants to end most Saturday and door-to-door mail delivery. It also is seeking to reduce its congressionally mandated $5.6 billion annual payment for future retiree health benefits. The agency says ending Saturday mail delivery would save $2 billion each year.

The Postal Service is an independent agency and gets no tax dollars for its day-to-day operations. It is, however, subject to congressional control.

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mcc wrote:
Deliver mail 4 days a week, save millions!
on August 9,2013 | 09:53AM
false wrote:
Congress want the Post Office to run itself more like a business yet Congress controls how the Post Office can do business. Silly.
on August 9,2013 | 11:03AM
nodaddynotthebelt wrote:
What amazes me is that although the USPS does not receive funding from the government, the government can tell it that it cannot discontinue Saturday deliveries. Sure, there are citizens that rely on the Saturday deliveries. But by doing so we place the USPS in a bind that may result in adverse effects that may affect all of us. For one thing, they are running on losses and it is just irresponsible to continue on a road where you are hemorrhaging. Eventually, you will die as a result of loss of blood. Our government has step out of this situation and allow the USPS to do what it has to do to make it sustainable. The government has no business telling the USPS how to run when it cannot even balance its own budget.
on August 9,2013 | 12:54PM
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