The USPS (U.S. Postal Service) posted a loss of $1.9 billion in its most recent fiscal quarter, bringing the agency’s total loss for the fiscal year to more than $3.2 billion. This recent loss reignites concerns about the agency’s viability as it projects as little as three days of operating cash in October. The cash-strapped agency warned that since the organization reached its $15 billion debt limit last year, defaulted on $11.1 billion of government payment obligations and expects to default on $5.6 billion more this September, along with the $17 billion it owes for future workers’ compensation claims, the…
USPS Posts $1.9 Billion Loss, Warns Of $50B In Obligations
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports