Senate puts USPS in the hot seat for $7 billion loss

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Thursday on Capitol Hill lawmakers held a hearing to discuss the restructuring of the United States Postal Service, which has felt the pinch of the economic crisis more than most. USPS and many of it's large customers have been hurt by increased use of E-Mail and other forms of digital communication, as well as the increased popularity of online billing systems.

"Our postal service is indeed in crisis," says Senator Tom Carper, chairman of the Senate Subcommittee on Federal Financial Management and Federal Services. In the hearing Thursday Mr. Carper outlines some of the financial issues with the USPS.

"We have every right to expect some specific recommendations from both Mr. Potter and the administration," said Senator John McCain.

"It is most disappointing to once again be discussing the dire financial condition of the US Postal Service. Just two-and-a-half years ago congress passed crucial reforms that Senator Carper and I authored, that rescued the Postal Service from the GAO's high risk list. Today, the Postal Service is once again in a financial crisis, and once again it has landed on the high risk list," said Maine Senator Susan Collins.