Source: Reuters / Chicago Tribune WASHINGTON - The financially beleaguered Postal Service suffered a setback in its plan to end Saturday delivery of first-class mail as Congress on Thursday passed legislation requiring six-day delivery. The Postal Service, which lost $16 billion last year, had announced last month its plan to switch to five-day mail service [...]
Source: Jennifer Liberto / CNN Money The U.S. Postal Service plans to stop delivering letters and other first-class mail on Saturdays beginning Aug. 5, although packages will continue to be delivered. It will mark the end of an era for the agency, which started Saturday delivery in 1863. Tired of waiting for Congress to help, [...]
Source: Martha C. White / NBC News Even as the price of a first-class stamp rose a penny Sunday to 46 cents, the U.S. Postal Service is operating on borrowed time. “We are currently losing $25 million per day,” Postmaster General Patrick Donahoe warned earlier this month. The agency lost nearly $16 billion in its last [...]
Source: Eyder Peralta / NPR For the first time ever, the United States Postal Service has defaulted on a payment to the Treasury. The USPS warned of a default in a statement on Monday. It it would not make the $5.5 billion payment due today and that it would also default on a $5.6 billion payment due [...]
Source: Ed O’Keefe / The Washington Post The U.S. Postal Service is on the verge of defaulting on billions of dollars in payments due to the U.S. Treasury, but Congress isn’t any closer to resolving the delivery service’s financial woes. On Wednesday the first of two legally required payments come due, a $5.5 billion obligation to fund [...]
Source: Reuters / MSNBC WASHINGTON – The U.S. Postal Service will move ahead with a plan to shut or consolidate mail-processing facilities as part of its cost-cutting effort but will spread out the closings to maintain overnight delivery of local mail. The agency said on Thursday it would consolidate processing at 140 of its 461 [...]
Source: Ed O’Keefe / The Washington Post Congress moved one step closer Wednesday to overhauling the cash-strapped U.S. Postal Service by approving sweeping reforms to rebalance the mail agency’s finances and help cut the size of its delivery network. The bipartisan measure passed 62 to 37 and would give the Postal Service nearly $11 billion to offer [...]
Source: MSNBC The U.S. Postal Service reported quarterly losses of $3.3 billion, and says that at the rate it’s going, it will run out of money by October. The agency was hurt by declining mail volume and mounting costs for future retiree health benefits. From October through December of 2011, losses were $3 billion more than [...]
Source: Jennifer Liberto / CNN Money WASHINGTON – The U.S. Postal Service has agreed to hold off on closing any more post offices or mail facilities until May 15, 2012, to allow Congress time to work on a plan to save the service. The U.S. Postal Service agreed to voluntarily enact a moratorium on closures, after [...]
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