The U.S. Postal Service reported a $2.5 billion net loss for the fiscal third quarter, a decrease from the previous year, and is seeking congressional action to address its financial crisis.
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Postmaster General David Steiner warned that proposed legislation could cost the agency $800 million and is requesting approval for a stamp price hike in January.
Without intervention, the Postal Service may need to make service cuts, close unprofitable post offices, and raise prices.
One key question facing the Postal Service is whether it should continue delivering to 170 million addresses six days a week, with 70% of those routes losing money.
The agency has been borrowing from employee retirement funds to sustain operations and is seeking compensation from Congress for money-losing operations.
The Postal Service has faced significant financial challenges due to declining first-class mail volume and costly delivery operations.
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