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The US Postal Service (USPS) said on Friday that its Q1 losses reached $1.9 billion, its 20th loss in 22 quarters … and the USPS says that its $64 billion in liabilities exceeds its $22 billion in assets. "First-class mail volume fell 4.1% in the period. Standard mail volume grew slightly, and shipping and package volume rose 7.3%," the Wall Street Journal reports.

According to the Journal, the USPS, "which is mandated by Congress to prefund health benefits for future retirees, again pleaded for broad, comprehensive assistance from lawmakers. Without it, the Postal Service said, it won't be able to pay the required $5.7 billion retiree health benefit payment to the Treasury due by Sept. 30."
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