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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 This material may not be published, broadcast, rewritten or redistributed.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 73 220 17,575
MORTGAGES 83 246 22,897
FORECLOSURE NOTICES 5 38 4,467
BUILDING PERMITS 206 514 41,739
BANKRUPTCIES 52 176 16,568
BUSINESS LICENSES 20 50 5,751
UTILITY CONNECTIONS 97 196 25,067
MARRIAGE LICENSES 12 66 5,351

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