The US Postal Service has seen record losses as traditional mail is replaced by electronic means. Without enough money to pay for years of employee benefits, the agency is calling for legislation to enable them to raise their prices.
On Thursday, the USPS reported losses of $2.1 billion in the third fiscal quarter of 2017, compared to a $1.6 billion loss in the same quarter last year.
Over the past 10 years, the USPS has incurred a net loss of $63.3 billion and they project future losses without legislative and regulatory changes.
The agency also warned that it will likely have to default on $6.9 billion in payments for future retiree health benefits and pensions, according to the Associated Press. From 2012 to 2016, the USPS has defaulted on $33.9 billion in Postal Service Retiree Health Benefits Fund prefunding payments.