Postal Service Reports Loss for Seventh Straight Year


The U.S. Postal Service says it lost $5 billion over the past 12 months, suffering its seventh straight year of net losses.

Postal officials say the loss increases the urgency for Congress to let them end Saturday mail delivery and reduce payments for retiree health benefits.

The declining volume of mail and burdensome $5.6 billion annual payments for health care costs of future retirees have been key in the postal service's struggles over the years.

It has defaulted on three of those billion-dollar health care payments.