05 Sep '11, 11pm

US Postal Service boss warns of 'extremely serious' cash woes

US Postal Service boss warns of 'extremely serious' cash woes

The US Postal Service will be unable to make a US$5.5 billion (S$6.6 billion) payment this month and deliveries could shut down entirely this winter if the government does not step in. -- PHOTO: AFP WASHINGTON (AFP) - The US Postal Service will be unable to make a US$5.5 billion (S$6.6 billion) payment this month and deliveries could shut down entirely this winter if the government does not step in, The New York Times reported on Monday. 'Our situation is extremely serious,' Postmaster General Patrick Donahoe told the newspaper in an interview. 'If Congress doesn't act, we will default.' The service, a public employer that claims to handle nearly 40 per cent of global mail, has been piling up losses since early 2008 due to rising costs and a decline in volumes caused by rising Internet use and e-commerce. In July, the service unveiled a plan to close more than 10 per cent ...

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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