The U.S. Postal Service is cutting services, including Saturday delivery, CBS News reports:
After losing $16 billion last year, the postmaster general will make announce Wednesday that the Postal Service intends to halt Saturday delivery of first-class mail by this summer, Aug. 1, CBS News has learned. That means most mailers, letters and catalogs would not arrive on Saturdays, ending a 150-year tradition.
The plan to shrink delivery from six days a week to five would only affect first-class mail, while packages, mail-order medicines, priority and express mail would still get delivered on Saturdays.
Sen. Tom Coburn, R-Okla., says the move will save the struggling postal service $2 billion a year. "It's a proper business decision and (in the) long run, good for the Postal Service and good for Americans."
The Postal Service has lost $41 billion dollars over the past six years as more and more Americans turned to private shippers, email, and online banking.
Watch the CBS News report, AFTER THE JUMP...