The U.S. Postal Service announced Thursday that it lost a record $15.9 billion in the most recent fiscal year, and urged Congress to wrap up its work on a postal overhaul before the end of the year.
USPS’s fiscal 2012 losses were largely driven by two separate defaults, in which the agency failed to pay a combined $11.1 billion in required prepayments for retiree healthcare.
Postmaster General Patrick Donahoe said that his agency was doing what it could to stay afloat, given legal restrictions, but that the almost $16 billion in losses illustrated just how serious the need was for congressional action.
“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” Donahoe said in a statement.