U.S. Postal Service Reports $2.5 Billion Loss, Urges Congressional Intervention
The United States Postal Service (USPS) has reported a $2.5 billion net loss for the fiscal third quarter, a reduction from the $3.1 billion loss in the same quarter last year. Despite an increase in operating revenue to $19.9 billion, the USPS continues to face significant financial challenges. Postmaster General David Steiner has called for Congressional action to address these issues, warning that without intervention, the USPS may need to close thousands of unprofitable post offices and raise prices. The agency's financial struggles are exacerbated by legislation that could add new ZIP codes, costing an estimated $800 million. The USPS has been relying on temporary measures, such as suspending employer pension contributions, to manage its liquidity crisis.