John Potter

Postmaster General John Potter outlined a number of actions that could amount to as much as $123 billion in savings.

After getting hammered with a $2.4 billion loss in its most recent quarter and facing a potential overall loss of nearly $7 billion this fiscal year, the United States Postal Service (USPS) is exploring the closure or consolidation of nearly 700 locations nationwide in an effort to right its financial ship.

DEPENDING ON your point of view, the news out of San Francisco is either devastating or a continued call to arms in the battle against Do Not Mail proponents and their efforts at passing legislation at the state and federal levels.

Days after announcing cost-cutting initiatives designed to save more than $100 million a year, Postmaster General John Potter told a House subcommittee that without aid, the U.S. Postal Service (USPS) will run out of money this year. The USPS lost $2.8 billion in 2008 and stands to fall deeper into the red this year, its business exacerbated by the weak economy and a drastic decline in mail volume.

Citing a nine billion piece reduction in mail volume during 2008, U.S. Postal Service Postmaster General John Potter asked Congress in January to drop the requirement of delivering mail six days per week. Potter noted that the USPS was $2.8 billion in the red during 2008, and that the loss could climb as high as $6 billion this year.

WASHINGTON, DC—Citing a nine billion piece reduction in mail volume during 2008, U.S. Postal Service Postmaster General John Potter asked Congress this week to drop the requirement of delivering mail six days per week. Potter noted the USPS was $2.8 billion in the red during 2008, and that the loss could climb as high as $6 billion this year.