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Report: USPS Losing Billions

WASHINGTON (CBSMiami) – The United States Postal Service continues to hemorrhage money in 2012 to the tune of $15.9 billion, according to

The USPS' massive loss in 2012 followed a $5.1 billion loss in 2011. If Congress doesn't act to help the postal service, it will run out of money by October 2013, according to the Bloomberg report.

According to the USPS, the majority of the problem comes from mandatory payments into retiree health benefit accounts. The Postal Service wants to spread the future payments over more years, stop Saturday delivery, and have more ease to close post offices and mail-processing plants, according to Bloomberg.

The USPS said mail volume dropped to 159.9 billion piece last year, including an 8 percent drop in single-piece first-class, items, according to Bloomberg.

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