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The United States Postal Service is careening toward insolvency, with projections showing it finishing another year spending far more than it earns.
A report issued this month by the Government Accountability Office revealed the postal service posted a net loss of $329 million in the first quarter of the current fiscal year.
It's on pace to lose $6.4 billion through September, barely has $1 billion in cash reserves and plans to borrow billions more this year from the U.S. Treasury, pushing its debt level to the maximum allowed by law — $15 billion.
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