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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 This material may not be published, broadcast, rewritten or redistributed.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 76 186 6,958
MORTGAGES 103 260 9,540
FORECLOSURE NOTICES 1 27 2,017
BUILDING PERMITS 179 463 16,201
BANKRUPTCIES 82 200 6,259
BUSINESS LICENSES 23 68 2,666
UTILITY CONNECTIONS 68 257 8,725
MARRIAGE LICENSES 26 113 2,110

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