U.S. Postal Service on a "Tightrope," Lost $15.9 Billion
The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday season mailing, Chief Financial Officer Joe Corbett said.
The service, whose fiscal year ended Sept. 30, lost $5.1 billion a year earlier. It announced the net loss today at a meeting at its Washington headquarters.