USPS Could Need $45 Billion Taxpayer Bailout by 2017

U.S. Postmaster General Patrick Donahoe said his agency is on a path to need a $45 billion taxpayer bailout within five years if Congress fails to act to reverse growing financial losses for the Postal Service.

The USPS recorded a nearly $16 billion loss during its last fiscal year. Donahoe said Wednesday the shortfall is likely to grow worse without the ability to make significant cost cuts, including ending Saturday delivery and placing postal workers on a private health care plan.

"Time is not on our side," he said during testimony to the Senate Homeland Security and Government Affairs Committee.