The U.S. Postal Service recorded its first revenue increase in five years, but the agency still lost $5 billion in fiscal 2013, making it the seventh consecutive year of red ink, according to figures released Friday.
The continued losses dampened the good news about increases and was compounded by the possibility that Congress will not pass legislation this year to help stanch the bleeding — which would make it the third straight year lawmakers failed to agree on a way forward to aid the struggling mail service.
"We're in a deep financial hole," USPS Chief Financial Officer Joseph Corbett said during a media briefing last week. "With one year of nearly breaking even (on operating revenue), we're not ready to declare victory. We can't continue to remain in this precarious position."