Postal Service Reports $2 Billion Loss for Third Quarter

The U.S. Postal Service continued its nearly six-year run in negative financial territory, reporting an overall loss of $2 billion for the third quarter despite increasing its revenue by 2 percent compared to the same time last year. The agency announced Monday that it will also default for a fourth consecutive year on its $5.7 billion prefunding payment for retiree health benefits. The Postal Service and postal-worker unions have asked Congress to repeal the controversial requirement, which became law in 2006.