U.S. Postal Service, We are on an unsustainable financial path...defaulted on $11.1 billion in Treasury Payments

The U.S. Postal Service warned today that it will consider "a range of accelerated cost cutting and revenue generating measures" because Congress has not passed a bill to help the service get back in the black. That could create more pressure to end Saturday home delivery, take other measures that could cause trouble for rural newspapers, and revive plans to close post offices.

Postmaster General Patrick Donahoe issued a statement, saying in part, "We are on an unsustainable financial path. 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."

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