USPS Posts Revenue Woes, Urges Congress To Act
According to the Wall Street Journal, the agency was unable to pay $5.5 billion for future health benefits, and also said it couldn't swing the $5.6 billion due at the end of next month unless Congress passes a postal-overhaul bill.
Paired with lagging first-class and advertising mail volume, a requirement to pre-fund retiree health care seems to have been USPS' downfall. According to WSJ, the agency is hopeful that election mail and holiday services will perk things up toward the end of the year.
Though clear about the direness of the situation, Postmaster General Patrick Donahoe assured that the agency would continue to live up to its "rain or shine, snow or sleet" reputation: "We will do everything we need to do to make sure the mail is delivered."