The United States Postal Service (USPS) concluded FY 2009 with a $3.8-billion loss and a total cumulative debt of $10.2 billion. This was its third consecutive year of multibillion-dollar losses. The loss would have been even bigger had Congress not intervened to permit USPS to delay $4 billion in required payments to its retiree health-benefits fund. Both revenue and mail volume declined in 2009 compared to 2008.
At the dawn of FY 2010, USPS is considering closures of under-utilized facilities and is proceeding with the full-scale rollout of its Flats Sequencing System to automate the processing of flat mail. The Service is also petitioning Congress for the right to cut delivery to five days a week and to offer non-postal products.
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