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Old 07-30-2009, 07:18 AM   #14
peaceandlove
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Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: Another Bailout Looming on the Horizon?

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Originally Posted by peaceandlove View Post
Postal Chief Says Post Office Running Out of Money

Last week, the post office said it planned to offer early retirement to 150,000 workers and is eliminating 1,400 management positions and closing six of its 80 district offices in cost-cutting efforts. Potter said he expects 10,000 to 15,000 workers to accept the early retirement offer.

Mar 25 02:09 PM US/Eastern

WASHINGTON (AP) - The post office will run out of money this year unless it gets help, Postmaster General John Potter told Congress on Wednesday as he sought permission to cut delivery to five days a week.

"We are facing losses of historic proportion. Our situation is critical," Potter told a House panel.

The agency lost $2.8 billion last year and is looking at much larger losses this year. Reducing mail delivery from six days to five days a week could save $3.5 billion annually, Potter said.

Article continues: http://www.breitbart.com/article.php...show_article=1


Post office cited by GAO as a troubled agency

GAO lists Postal Service as a troubled agency in need of immediate action

By Randolph E. Schmid, Associated Press Writer
On Tuesday July 28, 2009, 6:05 pm EDT

WASHINGTON (AP) -- The Government Accountability Office on Tuesday added the Postal Service to its list of high-risk federal agencies in need of change.

The post office has been struggling with a sharp decline in mail volume as people and businesses switch to e-mail both for personal contact and bill paying. The agency is facing a nearly $7 billion potential loss this fiscal year despite a 2-cent increase in the price of stamps in May, and cuts in staff.

"There are serious and significant structural financial challenges currently facing the Postal Service," the GAO said.

Continues: http://finance.yahoo.com/news/Post-o....html?x=0&.v=4
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