U.S. Postal Service Loss Widens to $2.2 Billion
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WASHINGTON, DC—May 10, 2011—The U.S. Postal Service ended the second quarter of this fiscal year (Jan. 1 to March 31, 2011) with a net loss of $2.2 billion, compared to a net loss of $1.6 billion for the same period in FY 2010.
Despite significant cost reductions and revenue growth initiatives, current financial projections indicate that the Postal Service will have a cash shortfall and will have reached its statutory borrowing limit by the end of the fiscal year. Absent substantial legislative change, the Postal Service will be forced to default on payments to the federal government.
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