Getting your player ready...
WASHINGTON — The U.S. Postal Service said Wednesday that it posted a net loss of $2.4 billion in its third quarter and expects to lose more than $7 billion by fiscal year’s end.
The rising tide of red ink could leave the Postal Service with a potential cash shortfall of up to $700 million by its fiscal year-end on Sept. 30, when it must pay up to $5.8 billion to pre-fund retiree health benefits.
Postal Service officials hope Congress will pass legislation that would provide temporary relief, including an increased ability to borrow from the Treasury Department.
