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Postal Service says it is still struggling

May 11, 2013 at 4:04 PM   |   Comments

WASHINGTON, May 11 (UPI) -- The U.S. Postal Service said it lost $1.9 billion in its second fiscal quarter, which could push it to seek higher prices for stamps.

The Los Angeles Times reported Saturday that the USPS has been pushing Congress without success to allow it to adopt more flexibility in its financial obligations to help it cut costs.

"To return the Postal Service to solvency requires a comprehensive approach," said Postmaster General Patrick Donahoe.

"The major elements of the plan must be pursued and executed within a short window of opportunity to avoid unsustainable losses and potentially becoming a long-term burden to the American taxpayer," he said in a statement.

The Postal Service has been struggling as the popularity of sending letters by mail has been undermined by email and other options.

The Postal Service now projects that its operating cash on hand will dwindle down to a three-day supply by October, The Wall Street Journal reported.

"If legislation doesn't pass, we have issues to face in terms of cash flow. Everything has to be on the table," Donahoe said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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