USPS Loses $5.2 Billion

    WASHINGTON, DC - MAY 09:  Post Master General and U.S. Postal Service CEO Patrick Donahoe announces a new plan to keep the nation's smallest post offices open despite ongoing budget troubles May 9, 2012 in Washington, DC. In the face of mounting financial losses and debt due to the increased use of email and other factors, the Postal Service's plan would modifiy retail window hours and reduce the number of full-time employees so to preserve post offices in rural America.  (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla / Getty Images

    The beleaguered U.S. postal service posted a loss of $5.2 billion on Thursday, and said it would soon be out of government cash and credit. Major annual losses for the service could lead to scaled back, or even suspended, mail delivery, unless Congress acts to extend funding. "We will do everything we need to do to make sure the mail is delivered," Postmaster General Patrick Donahoe told the Wall Street Journal. "Congress needs to act responsibly and move on this legislation." The postal service has closed many offices this year, and plans to shut 92 more mail-processing plants by the end of this year.

    Read it at The Wall Street Journal