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Article: POSTAL SERVICE IN FINANCIAL FREE FALL.(MAIN)

Article from:
Albany Times Union (Albany, NY)
Article date:
May 13, 2001
Copyright

Byline: STEWART M. POWELL Times Union Washington bureau

WASHINGTON -- Americans' skyrocketing reliance on the Internet instead of first-class mail is chewing into the finances of the nation's postal system, prompting the Postal Service to threaten an end to Saturday mail deliveries and steep hikes in stamp prices to stave off bankruptcy.

Congress is considering proposals this week to overhaul the Postal Service for the first time in 30 years in the wake of a stunning financial free fall that has taken the government enterprise from a $393 million surplus to an estimated $2.4 billion deficit in barely two years.

Lawmakers are urging President ...

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