Postmaster General Louis DeJoy said Tuesday that “more aggressive cost reductions to operations” are needed to keep USPS’ long-term financial goals within reach.
The USPS reported dismal second-quarter results in May, with both revenue and volume down. Thepaper marketoutlook appears cautiously brighter as all papergradesare readily available.. | May 26, 2023
USPS Board Meeting Turns Testy as Biden Appointees Voice Disagreements With DeJoy s Vision govexec.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from govexec.com Daily Mail and Mail on Sunday newspapers.
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The Postal Service, seeing no sustainable path under its current business model, is offering Congress and the incoming Biden administration a shot at working together on a long-term strategy to reform the way it operates.
USPS ended fiscal 2020 with a $9.2 billion net loss, its 14th consecutive year in the red, despite a historic volume of election mail and mailed-in ballots.
Postmaster General Louis DeJoy warned Friday that the losses will continue if Congress, the White House and its postal regulators do nothing.
USPS projects a $9.7 billion loss by the end of this fiscal year, and by that point has warned it won’t have enough cash to keep operating.