Crisis Time at the Postal Service

Tuesday - 8/11/2009, 3:13pm EDT

A third-quarter loss of over $2.4 billion is being projected by the US Postal Service. USPS Inspector General David Williams says the loss can largely be attributed to workers' compensation and future health care payments. He was one witness at a hearing last week of the Senate Homeland Security and Governmental Affairs Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security. The subcommittee also heard from Postmaster General John Potter; Ruth Goldway of the Postal Regulatory Commission; Nancy Kichak of OPM; and Phillip Herr of the GAO.


WEB EXTRA: Postmaster General Potter and Postal Service CFO Joseph Corbett announce 3rd quarter financial results and full-year projections last week.