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VOL. 127 | NO. 33 | Friday, February 17, 2012

Post Office Expects $18B Annual Loss Without Cuts

HOPE YEN | Associated Press

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WASHINGTON (AP) – The Postal Service is warning it will lose as much as $18.2 billion each year by 2015 if Congress doesn't give it leeway to eliminate Saturday mail delivery and make other service cuts.

In a letter to Congress, Postmaster General Patrick Donahoe describes a five-year business plan that reiterates the mail agency's proposals to switch to five-day delivery, close up to 252 mail-processing centers and 3,700 local post offices and slow delivery of first-class mail.

He says the proposals would allow the agency to save $20 billion a year by 2015 and repay its $12.9 billion debt to the Treasury.

In contrast, he says unless Congress acts soon, the Postal Service will incur significant annual losses and become a "long-term burden to the American taxpayer."

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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