U.s. Postal Service, Usps | featured news

The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume....

It'll cost a penny more to mail a letter next year. The cash-strapped U.S. Postal Service announced Tuesday that it will increase postage rates on Jan. 22, including a 1-cent increase in the cost of first-class mail, to 45 cents.

President Obama’s former top adviser on manufacturing has been tapped by the nation's letter carriers to develop new business ideas for the U.S. Postal Service. Ron Bloom, who helped restructure the automotive industry and has negotiated several large labor deals over the course of his career, served until August as Obama’s top manufacturing policy adviser. He announced Sunday that he will advise the National Letter Carriers Association as the 280,000-member union attempts to strike a new multi-year deal with the cash-strapped Postal Service.

The Obama administration's plan to rescue the U.S. Postal Service would allow the agency to end Saturday mail delivery and sell non-postal products, according to documents released on Monday.

The Postal Service says it may close more than 250 mail processing facilities across the country in an effort to cut costs.

Imagine a nation without the Postal Service. No more birthday cards and bills or magazines and catalogs filling the mailbox. It's a worst-case scenario being painted for an organization that lost $8.5 billion in 2010 and seems headed deeper into the red this year.

Postmaster General Patrick Donahoe warned that the Postal Service is on "the brink of default" as he battles to keep his agency solvent. Without legislation by Sept. 30, the agency "will default on a mandated $5.5 billion payment to the Treasury," Donahoe told the Senate Homeland Security and Governmental Affairs Committee on Tuesday.

The Postal Service doesn't have the money to make a $5.5 billion payment to a retiree health care trust fund coming due at the end of the month.

Think snail mail is too slow? Imagine if it got slower. The U.S. Postal Service could save about $1.5 billion annually if it relaxed its one- to three-day guarantees for First-Class and Priority Mail deliveries by a day, according to a new study. Postal executives are seriously considering the idea and are expected to announce new plans regarding delivery schedules after Labor Day, according to USPS officials.

The U.S. Postal Service would eliminate about 220,000 full-time jobs and shutter about 300 processing facilities by 2015 under a proposal to bring its finances in order, a postal official said on Friday.