The Postal Service lost $2.8 billion in fiscal year (FY) 2008. This year, the Postal Service is concerned its loss could grow to $6 billion or more. Since the Postal Service is limited by law from borrowing more than $3 billion per year and the Postal Service started 2009 with only $1.4 billion cash on hand, there is a danger the Postal Service could face a liquidity problem as payroll and benefits alone are about $54 billion a year.
Two times a year, we publish a report of our work and activities for a just-ended six-month period. This Semiannual Report to Congress (or SARC, as we affectionately call it) is required by law, but it’s also a chance for us to share our record of work with our many stakeholders.
The work...Read More