On Monday, the U.S. Postal Service announced it lost $1.96 billion in the third quarter.
The fledgling service reported total liabilities of $67.16 billion versus just $23.16 billion in assets.
“The agency is saddled with a congressional mandate that requires it to prefund more than $5.5 billion annually for health benefits for future retirees,” reported the Wall Street Journal. “The service said Monday it won’t be able to make its required $5.7 billion payment by Sept. 30.”
The service’s losses occurred despite a slight 2% bump in revenue due to higher prices and package deliveries.