USPS Lost $3.3B Last Quarter

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The U.S. Postal Service announced Thursday that it had a net loss of $3.3 billion in the last three months of 2011—and the agency pleaded for legislation that is “urgently needed” to allow it to cut costs. In a statement, the Postal Service asked for the government to pass legislation that will keep benefits at their current rates, and will allow for “delivery flexibility.” The Postal Service warned it could default on its health benefits pre-payment this year, and could reach its $15 billion debt limit. In an effort to cut $20 billion in costs, the agency decided to close post offices around the county, but it has since delayed the closures, allowing Congress more time to support it.