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Post Office to End Saturday Delivery Starting August 1
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The U.S. Postal Service plans to stop delivering letters and other first-class mail on Saturdays beginning Aug. 1, although packages will continue to be delivered.
It will mark the an end of an era for the agency, which started Saturday delivery in 1863.
The Postal Service has been borrowing billions of dollars from taxpayers to make up for shortfalls caused by a 2006 congressional mandate, under which it has to pre-fund healthcare benefits for future retirees. Technological advances have also led to a decline in first-class mail, which most consumers use to stay in touch and pay bills.
The situation turned particularly dire last year -- the agency twice defaulted on payments totaling $11 billion, and it exhausted a $15 billion line of credit from the U.S. Treasury.
link to money.cnn.com
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