The U.S. Postal Service will run out of money this year unless it gets help, Postmaster General John E. Potter told Congress as he sought permission to cut delivery to five days a week.
"We are facing losses of historic proportion. Our situation is critical," Potter told the House Oversight post office subcommittee.
The agency lost $2.8 billion last year and is looking at much larger losses this year. Reducing mail delivery from six days to five days a week could save $3.5 billion annually, he said.
Even if the agency reaches its planned cost cuts of $5.9 billion, he said, it could still face a $6-billion deficit in 2010.