The U.S. Postal Service on Thursday reported a record annual loss of $15.9 billion in the past fiscal year, prompting renewed calls for Congress to pass legislation to help.
“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year,” Postmaster General Patrick Donahoe said in a statement. The agency has reached a $15 billion borrowing limit.
The fiscal year’s loss is more than three times the $5.1 billion loss reported last year, the Postal Service said.
The agency has repeatedly said that its financial woes are partly the result of the funds Congress requires the Postal Service to set aside for future retirees.
About $11.1 billion of the red ink came from health benefits for those future retirees, an obligation the agency says it cannot afford as mail volume plummets.
Without the pre-funding and other labor-related expenses, the Postal Service lost $2.4 billion in the fiscal year that ended Sept. 30, it said.