The US Postal Service posted a net loss of $642 million in May, including $458 million in funds allocated to a Congressionally mandated "trust fund", according to documents the USPS filed with the PRC late Friday. That brings the year to date net loss for the USPS to $2.9 billion. If the USPS did not have to set aside money for the trust fund, it would be showing a net profit year to date of over $760 million. Congress enacted the trust fund requirement in order to be able to count that portion of postal sales revenues as tax receipts, artificially making the federal budget deficit appear smaller. Read the full story here.
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