Postal Service Posts $3.5 Billion Quarterly Loss

The U.S. Postal Service lost $3.5 billion in its fiscal third quarter, more than $1 billion more than it lost in the same period a year ago, the Associated Press reported.

The loss was pegged to declining mail volume as people and businesses switch to the Internet for both personal messages and paying and sending bills, AP reported.

Officials have proposed raising rates, cutting a day of mail delivery per week and eliminating advance payments for postal retiree health benefits.

USPS officials are concerned that the agency may not be able to pay all its bills at the end of the fiscal year in September, AP reported.