Consumer

Delivery deadline: U.S. Post Office faces financial crisis in March

Friday, January 11, 2013

By March, the U.S. Post Office will have about $1 billion in the bank.

According to the financial report released by the USPS, that's barely enough to run the postal service for four days. That means that by March U.S. residents could see a cutback in mail delivery, and USPS employees could lose their jobs. In 2006, a Congressional mandate forced the post office to pre-fund healthcare benefits for future retires, and that may have started the government agency's financial decline. Before that, the postal service had no doubt, officials say. Another issue: fewer people mail their bills or write letters to friends, both of which have moved online in the form of emails and internet banking. USPS officials hope Congress will come up with a plan to help the agency.

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