“Since 1971, the U.S. Postal Service (USPS) has been a self-supporting government agency that covers its operating costs with revenues generated through the sales of postage and related products and services. The USPS is experiencing significant financial challenges. After running modest profits from FY2003 through FY2006, the USPS lost $41.1 billion between FY2007 and FY2012. Since FY2011, the USPS has defaulted on $11.1 billion in payments to its Retiree Health Benefits Fund (RHBF). The agency has reached its $15 billion borrowing limit and is low on cash. In October 2012, the USPS bolstered its liquidity by withdrawing all of the cash from its competitive products fund. At the end of the first half of FY2013, the USPS’s financial condition showed no appreciable signs of improvement. The agency’s revenues and operating expenses were little changed relative to mid-FY2012.”
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