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Wednesday, August 13, 2014

Update On USPS

A $2 billion loss at the Postal Service no longer turns heads but quickens calls for change. The agency posted the loss for the spring quarter, compared with a year earlier. It came despite an increase in revenue from shipping and package services. The agency says workers' compensation drove its expenses upward. CFO Joe Corbett says the Postal Service is being "extremely conservative" with its money, spending only what it has to to maintain its infrastructure. House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) says the Postal Service needs to "right size itself." His democratic counterpart in the Senate, Tom Carper, renewed calls to overhaul legislation.

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