Postal Service loses $2.3B as dangerous cash burn intensifies

The U.S. Postal Service, which warned Congress this spring it would run out of cash in five years, lost $2.3 billion in the past quarter even with growth in lucrative package-delivery sales.

“We continue to face imbalances in our business model that must be fixed through legislative and regulatory change,” Postmaster Megan J. Brennan said in a statement Friday, noting that mandated costs continue to rise faster than the service can bring in new sales.