Cash-Strapped USPS Seeking Aid

WASHINGTON, DC—Days after announcing cost-cutting initiatives designed to save more than $100 million a year, Postmaster General John Potter told a House subcommittee that without aid, the U.S. Postal Service will run out of money this year. The USPS lost $2.8 billion in 2008 and stands to fall deeper into the red this year, its business exacerbated by the weak economy and a drastic decline in mail volume.