Nearing Default, Post Office Looks To Make Cuts

The postmaster general is going to Congress today to talk about a financial crisis facing the Postal Service.

The U.S. Post Office wants Congress to vote this month on a plan to give the service the right to change delivery schedules, close post offices, and break labor agreements so it can lay off hundreds of thousands of workers and change worker benefit packages.

Without big changes, the USPS says it is on track to lose $10 billion this year.

The USPS is losing billions for a second straight year, partly because of a decline in mail due to email. And postal officials say they can't cover employee health care costs.

The Associated Press contributed to this article