Postal Service had $740 million third-quarter loss

WASHINGTON (AP) - August 9, 2013

The report for the financial quarter ending June 30 comes as Congress considers proposals to fix the agency's finances. The agency lost $16 billion last year and is trying to restructuring its retail, delivery and mail-processing operations.

The service wants to end most Saturday and door-to-door mail delivery. It also is seeking to reduce its congressionally mandated $5.6 billion annual payment for future retiree health benefits. The agency says ending Saturday mail delivery would save $2 billion each year.

The Postal Service is an independent agency and gets no tax dollars for its day-to-day operations. It is, however, subject to congressional control.

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