Billion, Usps | featured news

The U.S. Postal Service lost $1.3 billion in the October to December quarter, an official said on Friday, days after the beleaguered mail agency announced plans to cut back on Saturday delivery to save money.

The U.S. Postal   Service will stop delivering mail on Saturdays but continue to deliver packages six days a week under a plan aimed at saving about $2 billion annually, the financially struggling agency says.

A report says the U.S. Postal Service wasted $1.2 million by selling less than a third of its 1 billion "The Simpsons" commemorative stamps. Bloomberg's Angela Greiling Keane writes that the inspector general of the money-losing USPS singled out overproduction of commemorative stamps as one example of not properly gauging the needs of customers.

The U.S. Postal Service's net loss widened to $5.2 billion during the April through June period, and the cash-strapped agency warned on Thursday that without help from the U.S. Congress it will face low cash and be unable to borrow money this fall.

The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.