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U.S. Postal Service takes $5 billion loss

WASHINGTON — The US Postal Service on Tuesday reported a $5.1 billion loss for fiscal 2011 and warned of more trouble if has to meet obligations to pay into a retiree health benefits program. The USPS, government-owned but expected to operate on its own financial legs, said the year-end loss…

U.S. Postal Service urges legal changes to avert default

WASHINGTON — The US Postal Service faces default by the end of September without legislative relief, and it plans to slash one in four jobs to reduce costs, the head of the public company said Tuesday. Postmaster General Patrick Donahoe told Senate lawmakers that without legislative changes, the Postal Service…

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