Postal service had $1.9 billion quarterly loss

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Associated Press

Posted on May 9, 2014 at 7:01 AM

Updated Friday, May 9 at 7:05 AM

WASHINGTON (AP) — The Postal Service says it lost $1.9 billion over the first three months of this year and is pleading again for Congress to pass reforms to its financial system.

The agency said Friday that the loss for the quarter ended March 31 matched the $1.9 billion in red ink in the same period last year. And it came despite a 2.3 percent rise in its operating revenue and continued cost-cutting efforts.

Postal officials have been asking for comprehensive legislation that includes a different delivery schedule, greater control over its personnel and benefit costs and more flexibility in pricing and products.

Though various legislative proposals have been advanced, Congress has been unable to pass a bill with the requested changes.

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