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Byline: AP
Through snow, rain and gloom of night -- but maybe not on the weekend.
Battered by slowing business and huge projected losses, the Postal Service announced Tuesday that it will study cutting back to a five-day schedule that would eliminate mail delivery on Saturdays. The agency also will examine how much money can be saved by consolidating and closing some postal plants and offices.
Another Rate Hike
With rising costs, postal officials say they face a $2 billion to $3 billionloss this fiscal year. After five years in the black, the post office had a $199 million loss last fiscal year.
The agency's governing board will ask Postal Service management to report the study results within 90 days, said S. David Fineman, the board's vice chairman.
Fineman said the financial savings of going to five-day service could be "substantial."