The cash-strapped U.S. Postal Service said Monday it is seeking to move quickly to close 252 mail processing centers and slow first-class delivery next spring, citing steadily declining mail volume. The cuts are part of $3 billion in reductions aimed at helping the agency avert bankruptcy next year.
On Tuesday, Postmaster General Patrick Donahoe went before the Senate Homeland Security and Governmental Affairs Committee to plead for a government bailout. USPS is losing $9.2 billion a year and is currently on track to lose $20 billion annually by 2015. How can it be saved?
The U.S. Postal Service warned that it will miss federal payments totaling an estimated $6.8 billion by October, unless the government steps in.