by Lisa Rein and Ed O’Keefe, Wednesday, February 6, 12:54 PM
The U.S. Postal Service on Wednesday moved to circumvent Congress by announcing that it will stop collecting and delivering mail on Saturdays in an effort to stem its staggering financial losses.
The cutback in service to Monday-through-Friday delivery, starting Aug. 5, would result in a $2 billion savings annually for the agency, which lost $15.9 billion in the last fiscal year. Packages will still be delivered on Saturdays, and post office boxes will continue to receive mail that day. Post offices will also be open to sell stamps and other materials. But magazines, some newspapers, catalogues and Netflix movies would not reach customers’ homes on Saturdays.