Postmaster General Tells Senate Committee USPS is on the Brink of Default
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In the past four fiscal years, the Postal Service has reduced costs by more than $12 billion and reduced its career workforce by 110,000 employees. “As impressive as these reductions have been, we must significantly accelerate the pace of cost reduction in the next four years,” said Donahoe. Based on current revenue and cost trends, the Postal Service must reduce its annual costs by $20 billion by 2015 to return to profitability.
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