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National Briefing

Washington, D.c.

Postal Service is deeper in the red

August 06, 2009|Times Wire Reports

Buffeted by the recession and the popularity of e-mail and electronic bill payment, the Postal Service lost $2.4 billion from April through June, officials said, bringing the year's losses so far to $4.7 billion.

The Postal Service expects to be $7 billion in the red when the fiscal year ends Sept. 30, in part because of a legal requirement that it pre-fund future retiree health benefits. That tab is expected to exceed $7 billion.

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