USPS Posts $1.9 Billion Loss, Warns Of $50B In Obligations

The USPS (U.S. Postal Service) posted a loss of $1.9 billion in its most recent fiscal quarter, bringing the agency’s total loss for the fiscal year to more than $3.2 billion.

This recent loss reignites concerns about the agency’s viability as it projects as little as three days of operating cash in October.

The cash-strapped agency warned that since the organization reached its $15 billion debt limit last year, defaulted on $11.1 billion of government payment obligations and expects to default on $5.6 billion more this September, along with the $17 billion it owes for future workers’ compensation claims, the Postal Service still requires “urgent” reforms from Congress.

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