
A U.S. Postal Service worker closes the door on his postal vehicle Thursday in Miami. The United States Postal Service reported a record annual yearly loss of $15.9 billion, more than triple the $5.1 billion loss last year.
The financial losses for the fiscal year ending Sept. 30 capped a tumultuous year in which the Postal Service was forced to default for the first time on billions in payments to avert bankruptcy.
Much of the red ink was due to mounting costs for future retiree health benefits, which made up $11.1 billion of the losses. Without that and other related labor expenses, the mail agency sustained an operating loss of $2.4 billion, lower than the previous year.
Postmaster General Patrick Donahoe said the agency has been able to reduce costs significantly by boosting worker productivity. But he said the mail agency has been hampered by congressional inaction on a postal overhaul bill that would allow it to eliminate Saturday mail delivery and reduce its $5 billion annual payment for future health benefits.













