The U.S. Postal Service could use one of those birthday checks from grandma right about now. One for about $5.2 billion would be nice.
That number—$5.2 billion—was what USPS lost for the quarter, the largest since the organization started posting its financials publicly, The Wall Street Journal reports. The Postal Service is also struggling to maintain a healthy cash flow. The country’s postmaster has warned Congress that if it doesn’t act soon, things could get even worse. As the Journal reports:
Postmaster General Patrick Donahoe said the Postal Service would do whatever it takes to maintain its operations, even if that means defaulting on a second multibillion-dollar retiree obligation in as many months.
“We will do everything we need to do to make sure the mail is delivered,” he said. “Congress needs to act responsibly and move on this legislation.” Losses and defaults will continue, despite cost-cutting efforts, unless Congress passes a postal-overhaul bill, Mr. Donahoe said.