{
  "id": "R43162",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R43162",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 436677,
      "date": "2014-12-30",
      "retrieved": "2016-04-06T22:51:09.302581",
      "title": "The U.S. Postal Service\u2019s Financial Condition: A Primer",
      "summary": "Since 1971, the U.S. Postal Service (USPS) has been a self-supporting government agency that covers its operating costs with revenues generated through the sales of postage and related products and services.\nThe USPS is experiencing significant financial challenges. After running modest profits from FY2003 through FY2006, the USPS lost $45.6 billion between FY2007 and FY2013. Since FY2011, the USPS has defaulted on $22.4 billion in payments to its Retiree Health Benefits Fund (RHBF). The agency reached its $15 billion borrowing limit in FY2012 and has not reduced total debt since that time. In October 2012, the USPS bolstered its liquidity by withdrawing all of the cash from its competitive products fund. This fund has not been replenished.\nWhile the revenues for the USPS increased in FY2014, expenses have also risen. Compared with FY2013, expenses for FY2014 were $1.1 billion higher while revenues have increased by $500 million.\nThe USPS\u2019s recent financial difficulties are partially the product of reduced demand. The agency has experienced a 36.3% drop in mail volume during the past 10 years. Additionally, during the past decade the \u201cmail mix\u201d has shifted. A growing portion of the mail is advertising mail, which yields low profits. Concurrently, the annual volume of first-class letters, which are highly profitable, has been dropping steadily, at least in part due to mailers shifting to electronic communications. As a result, the Postal Service\u2019s revenues in FY2014 were lower than they were in FY2005. Additionally, the Postal Service\u2019s liquidity has decreased and its debt has increased since FY2006, partially as a result of the statutorily mandated payments to the RHBF that were made between FY2007 and FY2010. The USPS has not had sufficient liquidity to make the payments since FY2011.\nThis report discusses these issues in more detail, and includes financial results through the end of FY2014. This report will be updated in the event of any significant developments.",
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    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc463322/",
      "id": "R43162_2014Sep22",
      "date": "2014-09-22",
      "retrieved": "2014-12-05T09:57:41",
      "title": "The U.S. Postal Service's Financial Condition: A Primer",
      "summary": "This report discusses the significant financial challenges facing the U.S. Postal Service (USPS). After running modest profits from FY2003 through FY2006, the USPS lost $45.6 billion between FY2007 and FY2013. Since FY2011, the USPS has defaulted on $16.7 billion in payments to its Retiree Health Benefits Fund (RHBF). The agency reached its $15 billion borrowing limit in FY2012 and did not reduce its total debt in FY2013. In October 2012, the USPS bolstered its liquidity by withdrawing all of the cash from its competitive products fund. This fund has not been replenished since that time.",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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          "filename": "files/20140922_R43162_663fcba408b5a81fd8b0bd54ed9517c66005ddd0.pdf"
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      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Postal service",
          "name": "Postal service"
        },
        {
          "source": "LIV",
          "id": "Postal rates and revenues",
          "name": "Postal rates and revenues"
        },
        {
          "source": "LIV",
          "id": "Debt",
          "name": "Debt"
        }
      ]
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc227892/",
      "id": "R43162_2013Jul24",
      "date": "2013-07-24",
      "retrieved": "2013-11-05T18:07:05",
      "title": "The U.S. Postal Service's Financial Condition: A Primer",
      "summary": "Report that discusses the USPS financial challenges, agency's revenues, and recent financial difficulties.",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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      "topics": [
        {
          "source": "LIV",
          "id": "Postal service",
          "name": "Postal service"
        },
        {
          "source": "LIV",
          "id": "Postal rates and revenues",
          "name": "Postal rates and revenues"
        },
        {
          "source": "LIV",
          "id": "Postal law and legislation",
          "name": "Postal law and legislation"
        }
      ]
    }
  ],
  "topics": [
    "American Law"
  ]
}