The USPS is expected to post a $7 billion loss this year. It has outstanding debt of $10 billion and may have a cash shortfall this year of $1 billion.
In order to meet payroll and other expenses this year, the USPS hopes to delay payments to its retiree healthcare fund. It is also closing post office locations, cutting jobs and freezing salaries.
It may also reduce mail delivery from six days a week to five.
The GAO report says the Postal Service isn’t undertaking cost-cutting fast enough.
GAO puts Postal Service on 'high-risk' list
The Business Journal of the Greater Triad Area, July 29, 2009
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