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NEW YORK (CNNMoney.com) -- The U.S. Postal Service may be forced to eliminate a day of mail service because the economic downturn has led to plummeting volume and revenue, the postmaster general said Wednesday.
Postmaster General John E. Potter, in testimony before a Senate subcommittee, warned of a possible worst-case scenario: eliminating the requirement to deliver mail six days a week to every address in America.
If the recession continues to hammer at USPS revenue, six-day delivery may not be possible, Potter said. Federal law has mandated the six-day schedule since 1983.
In fiscal 2008, total mail volume fell by more than 9 billion pieces - 4.5% -compared to the previous year, Potter said. And the agency suffered a greater-than-expected net loss of $2.8 billion last year, he added.