» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 33 | Friday, February 17, 2012

Post Office Expects $18B Annual Loss Without Cuts

HOPE YEN | Associated Press

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 106 418 11,538
MORTGAGES 135 521 14,424
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 220 913 24,947
BANKRUPTCIES 53 297 8,729
BUSINESS LICENSES 26 119 3,890
UTILITY CONNECTIONS 71 524 13,980
MARRIAGE LICENSES 13 83 3,114

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.