It's no surprise the Post Office showed a loss of over $9 billion last year and is on the same track to post a shortfall of at least $8 billion this year and today, the postmaster general will testify before Congress about how the government backed agency can't pay its bills.
Postmaster General Patrick Donahoe is among the witnesses scheduled to appear Tuesday before the Senate Homeland Security and Governmental Affairs Committee.
The Postal Service is facing a second straight year of losses of $8 billion or more. A decline in mail because of the Internet and the loss of revenue from advertising amid the economic downturn have taken a toll on the agency.
Oh and what's this? Millions in unpaid pension/health care obligations?
Postal officials say they will be unable to make this month's $5.5 billion payment to cover future employee health care costs because the agency will have reached its borrowing limit and doesn't have enough cash.
Ready for the postal worker strike in 3...2...1...
