Postal Service Loss Hits $8.5 Billion

The Postal Service has announced that its losses for fiscal 2010 totaled $8.5 billion, Bloomberg reports.

USPS had earlier reported it anticipated a loss of $6 billion.

The Postal Service faces several major financial challenges. It is seeking to rectify billions of dollars in overpayments to its Civil Service Retirement System and Federal Employees Retirement System accounts. The agency also is seeking relief from a $5.5 billion obligation to fund retiree health benefits, but lawmakers did not include a bailout provision in a temporary spending bill at the end of September.

Emily Long will have more details on this story later today.