The U.S. Postal Service's (USPS) financial condition and outlook deteriorated significantly during FY 2009. USPS was not able to cut costs fast enough to offset declining mail volume and revenues resulting from the economic recession and changes in the use of mail, such as electronic bill payment. The USPS needs to restructure to improve its financial viability. Declines in mail volume and revenue, large financial losses, increasing debt, and financial obligations will continue to challenge USPS. This testimony provides: (1) info. on USPS's financial condition and forecast; and (2) the need for USPS restructuring. In addition, questions and issues are included for Congress to consider regarding USPS's proposal to reduce delivery from 6 to 5 days.USPS was not able to cut costs fast enough to offset declining mail volume and revenues resulting from the economic recession and changes in the use of mail, such as electronic bill payment. ... This testimony is based on GAOa#39;s past and ongoing work, including its work on postal reform issues, its report adding USPSa#39;s financial condition and outlook to ... needed in multiple areas by USPS and Congress to address USPSa#39;s pressing challenges so that it can achieve financial viability, anbsp;...
|Title||:||U. S. Postal Service: Financial Crisis Demands Aggressive Action|
|Publisher||:||DIANE Publishing - 2010-09|