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USPS Losses 2012

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USPS Losses 2012, The U.S. Postal Service announced Thursday that it lost a record $15.9 billion in the most recent fiscal year, and urged Congress to wrap up its work on a postal overhaul before the end of the year. USPS’s fiscal 2012 losses were largely driven by two separate defaults, in which the agency failed to pay a combined $11.1 billion in required prepayments for retiree healthcare.

Postmaster General Patrick Donahoe said that his agency was doing what it could to stay afloat, given legal restrictions, but that the almost $16 billion in losses illustrated just how serious the need was for congressional action.

“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” Donahoe said in a statement.

“We continue to do our part to grow revenue and reduce expenses by making our operations more efficient and by providing our customers with new and expanded services to meet their mailing and shipping needs.”

The Senate passed a postal overhaul bill in April, but both the House and USPS said that measure by itself wouldn’t be enough to put the service on the path to long-term health.

House Republicans, meanwhile, decided against bringing their bill to the floor before November’s elections, and the current post-election session of Congress is expected to be dominated by the so-called “fiscal cliff” of scheduled tax increases and spending cuts.

House Oversight Committee Chairman Darrell Issa (R-Calif.), the sponsor of that measure, has said that he believes the House will take up the legislation, and that he hopes a final compromise between the Senate and the House can be enacted this year.

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