News Summary: Postal Service to cut Saturday mail

Updated at: 02/06/2013 10:38 AM
By The Associated Press

CANCELED: The financially struggling U.S. Postal Service will stop delivering mail on Saturdays but continue to disburse packages six days a week. The Saturday mail cutback is to begin in August and should save about $2 billion annually.

POSTAGE DUE: The agency in November reported an annual loss of a record $15.9 billion for the last budget year and forecast more red ink in 2013.

FIRST-CLASS WOE: The agency’s biggest problem _ and the majority of the red ink in 2012 _ was due to mounting mandatory costs for future retiree health benefits, accounting for $11.1 billion in losses.

(Copyright 2013 by The Associated Press. All Rights Reserved.)