Chairman Carper, Ranking Member Coburn Statement on Latest USPS Financial Losses

WASHINGTON – Today, Homeland Security and Governmental Affairs Committee Chairman Tom Carper (D-Del.) and Ranking Member Tom Coburn (R-Okla.) released the following reactions to the announcement that the U.S. Postal Service lost $1.9 billion in the second quarter of fiscal year 2013:

“Today’s announcement that the U.S. Postal Service lost $1.9 billion in the second quarter of Fiscal Year 2013 shouldn’t come as a surprise to anyone,” said Chairman Carper. “While this quarter’s losses are less compared to the $3.2 billion lost this time last year, a $1.9 billion dollar loss is nothing to celebrate. The reality is that any financial loss at this rate is unsustainable and threatens the Postal Service’s long-term viability. As I’ve said time and time again, Congress and the Administration need to come to agreement on comprehensive legislation that reforms, right-sizes and modernizes this American institution. Although the Postal Service has seen an increase in revenue from package delivery – which is encouraging news — much more must be done to make its outdated business model financially viable long term. It is critical that we complete the difficult work ahead of us and find a solution to the Postal Service’s serious but solvable financial crisis as soon as possible – and today’s financial report should underscore that sense of urgency. We can’t afford to wait any longer.”

“Today’s announcement clearly demonstrates why postal reform is imperative. Unfortunately, this $1.9 billion loss in the second quarter of this fiscal year is only a small fraction of the $15.8 billion the Postal Service has lost since last year,” Dr. Coburn said. “While reform is necessary, the Postal Service should not wait on a parochial-minded Congress and must immediately take steps within its control to secure additional revenue and achieve cost savings, including potential action to secure additional revenue through price increases. I will continue to support giving the Postal Service the independence it needs to ensure its long-term viability.”