USPS Ends Fiscal Year With $5.1 Billion Loss
The USPS said that the loss would have been much larger had the government not intervened. Fiscal year 2011, which ended on Sept. 30, was projected to have a $10.6 billion loss until the White House endorsed a plan to restructure the Postal Service days before the deadline. Part of that plan allowed the USPS to postpone payment of $5.5 billion toward a retiree benefit fund; unless Congress enacts further legislation, that payment will become due on Friday, Nov. 18. The USPS has stated it would default on that payment.