Postal Service Reports BILLIONS In Losses - Spokane, North Idaho News & Weather KHQ.com

Postal Service Reports BILLIONS In Losses

WASHINGTON (AP) - The Postal Service is continuing to hemorrhage money. The service is reporting a loss of more than $2 billion over the first three months of the year and warning it could be forced to default on federal payments.

Such a default would not interrupt mail service to millions of Americans, but it could further hobble an agency struggling with a sharp decline in mail because of the Internet and a tough economy.

The agency said Tuesday that the $2.2 billion loss covers Jan. 1 to March 31, 2011 _ sharply higher than the net loss of $1.6 billion for the same period last year. The post office also said it
will have reached its borrowing limit, set by Congress, of $15 billion by the end of the fiscal year.
      

      
(Copyright 2011 by The Associated Press.  All Rights Reserved.)
   

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