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Post office $2.8 billion in the red

Discussion in 'Other News' started by Cybergal, Nov 13, 2008.

Nov 13, 2008 #1

Cybergal Road Train Member

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Oct 20, 2008

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Post office $2.8 billion in the red

WASHINGTON (AP) - The Postal Service ended its fiscal year $2.8 billion in the red, battered by a faltering economy that cut the amount of mail being sent.

Postmaster General John Potter said the agency is making sharp cuts in hours and overtime but added there are no plans for layoffs. The mail being sent dropped by 9.5 billion items.
"We expect the new fiscal year to be another difficult one," Potter said, adding: "We're not panicking here."
The cost of sending packages will go up in January, and the annual increase in the cost of letter mail is still scheduled for May. By cutting back on spending the post office had a net operating income of $2.7 billion in 2008, but still ended up in the red because of the requirement for a $5.6 billion payment to a health benefit fund for retirees.
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http://www.breitbart.com/article.php?id=D94E7IMG0&show_article=1

Cybergal, Nov 13, 2008

Cybergal, Nov 13, 2008

#1
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