Post office losses mount to $5.1 billion last year
WASHINGTON (AP) - November 15, 2011 (WPVI) -- 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.
postal service, u.s. postal service, washington, d.c., business/finance
- More Snow on the Way
- Get the 6abc StormTracker app
- WATCH: Action News Online
- 2013 Troop Greetings
- Photos: Winter storm forecast maps
- Arrest made in Beats headphone murder
- 2 arrested for violent Center City attack
- Thief steals $17K from Philadelphia charter school
- 2 PSU students charged with ethnic intimidation
- Teen shot and killed in Wilmington
- 2K get meningitis B vaccinations at Princeton
- US Airways, American merger complete
- Rachael Ray's cookbook competition
- Video: Woman finds, returns envelope full of cash