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News Summary: Postal Service to cut Saturday mail

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News,Business

CANCELED: The financially struggling U.S. Postal Service will stop delivering mail on Saturdays but continue to disburse packages six days a week. The Saturday mail cutback is to begin in August and should save about $2 billion annually.

POSTAGE DUE: The agency in November reported an annual loss of a record $15.9 billion for the last budget year and forecast more red ink in 2013.

FIRST-CLASS WOE: The agency's biggest problem — and the majority of the red ink in 2012 — was due to mounting mandatory costs for future retiree health benefits, accounting for $11.1 billion in losses.

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