The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.
The losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. Having reached its borrowing limit, the agency is operating with little cash on hand, putting it at risk in the event of a large downturn in the economy. Postmaster General Patrick Donahoe called the situation “our own postal fiscal cliff.”