(CBSNEWS) — The U.S. Postal Service reported a record annual loss last week of almost $16 billion -- nearly three times higher than the year before. Postmaster General Patrick Donahoe is asking Congress to act now.
Donahoe said on "CBS This Morning," "What we're facing now is our own fiscal cliff in this lame duck session. It's hard. I'll tell you -- all the fiscal cliff (in the news). Hey talk about us a little bit. We have our own fiscal cliff. If they act now, we'll get this whole thing behind us and we can be profitable and then focus on growing the postal business."
In order to improve the organization's financial situation, Donahoe said on "CBS This Morning" that he's asking Congress to refinance retiree health benefits and eliminate Saturday delivery of mail. He said, "We're not asking to get dug out from under, we're taking the responsibility of doing it, but rather than pay $5.5 billion a year we think we should be paying around a billion a year (in retiree health benefits). The second thing we want to do is eliminate Saturday delivery of mail, not packages, just mail. So we would have post offices open Saturday and we would still have package delivery."
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