U.S. Postal Service struggling for survival!
WASHINGTON - July 30, 2009 - Lawmakers on Thursday will consider various proposals to restructure the U.S. Postal Service, just days after government auditors warned that it must quickly address its financial viability.
Confronting a sharp decline in mail volume tied to the recession and the continuing migration to e-mail and online payment options, the Postal Service projects a net loss of $7 billion this fiscal year and debt exceeding $10 billion, leading to a cash shortfall of about $1 billion. Losses are expected next year as well.
The Government Accountability Office added the Postal Service to its list of high-risk government agencies and programs on Tuesday, and it will further explain its decision today at a House subcommittee hearing.
Confronting a sharp decline in mail volume tied to the recession and the continuing migration to e-mail and online payment options, the Postal Service projects a net loss of $7 billion this fiscal year and debt exceeding $10 billion, leading to a cash shortfall of about $1 billion. Losses are expected next year as well.
The Government Accountability Office added the Postal Service to its list of high-risk government agencies and programs on Tuesday, and it will further explain its decision today at a House subcommittee hearing.
