U.S. Postal Service seeks $25 billion federal bailout

The Orange County Register reports:

The U.S. Postal Service — known in the tech world as “snail mail” — is in the midst of a financial meltdown of its own.

In the last three months, mail has fallen by 11 billion pieces while losses have hit $2 billion, according to the federal Government Accountability Office.

The postal service projects that the decline will hit 22.7 billion pieces by the end of the year with a net loss of $6.4 billion.

And that’s if the agency succeeds in cutting $5.9 billion from the budget.

The GAO predicts the cash crunch will hit even harder next year. The postal service has asked Congress for $25 billion over eight years in financial relief.

Great moments in socialized mail delivery!