WASHINGTON – Today, Sen. Carper (D-Del.), chairman of the Senate Subcommittee on Federal Financial Management, Government Information, Federal Services and International Security which oversees the U.S. Postal Service, released the following statement in response to the Postal Service's announcement earlier today that it lost $8.5 billion in the last fiscal year. Sen. Carper is a co-sponsor of the Postal Operations Sustainment and Transformation (POST) Act (S. 3831):
"This latest historic loss by the U.S. Postal Service is disappointing but not surprising given the serious financial peril in which it currently finds itself. The effects of the Great Recession combined with systemic flaws in the Postal Service's business model and a number of financial and operating restraints placed on postal management have brought the Postal Service to the precipice of financial ruin. They may also represent the most serious threat to the institution in its over 200 year history. If corrective action is not taken quickly, the Postal Service will likely run out of cash and borrowing authority by this time next year, placing its ability to continue operations in serious jeopardy. This report underscores the urgent need for Congress to move swiftly to consider comprehensive Postal reform legislation, which I introduced in September of this year, in order to avert a catastrophe for the Postal Service. I hope my colleagues and the Administration will take this report to heart and work with me to address the challenges facing the Postal Service so we can protect the vital services American families and businesses depend on."