WASHINGTON (AP) — The U.S. Postal Service says it lost $1.9 billion over the last three months and warns that losses will continue to mount without help from Congress.
The loss for the financial quarter ending March 31 was narrower than a $3.2 billion loss for the same period last year, thanks to slightly higher revenues and lower payments towards health benefits for workers who will retire in the future.
But the post office continues to lose money at a rapid pace due to a decline in mail volume and a Congressional requirement that it make advance payments to cover expected health care costs for future retirees.
Postmaster General Patrick Donahoe says the post office is considering its options, including another possible increase in prices.