U.S. Postal service loss in 2010 more than twice the 2009 loss

The U.S. Postal Service more than doubled its losses in fiscal year 2010, despite cutting billions of dollars in expenses and trimming its staff.

The Postal Service said its net loss totaled $8.5 billion in the fiscal year that ended Sept. 30. That compares to a loss of $3.8 billion the prior year.

Chief Financial Officer Joe Corbett said the losses were worsening despite cuts that generated cost savings of $9 billion over the past two years.

Those savings came primarily from the elimination of 105,000 full-time positions -- "more than any other organization, anywhere," Corbett said.

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