Reform Delayed, USPS Must Seek More Cost Savings
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"As we look to the coming year, we are on an unsustainable financial path," he said. "We are currently losing $25 million per day, we have defaulted on $11.1 billion in Treasury payments and exhausted our borrowing authority. The Postal Service should not have to do business this way, which has undermined the confidence of our customer base and the $800 billion mailing industry we serve. We will be discussing with our Board of Governors a range of accelerated cost cutting and revenue generating measures designed to provide us some financial breathing room.
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