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Post office near default?

The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume.

By Hope Yen | Updated on November 15, 2011
Postmaster General Patrick Donahoe gestures during a news conference on changes to the Postal Service that could potentially save as much as $3 billion, Thursday, Sept. 15, 2011, in Washington. (AP Photo/Evan Vucci)

WASHINGTON (AP) — The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume.

The financial losses for the year ended Sept. 30 came despite deep cuts of more than 130,000 jobs in recent years and the closing of some smaller local post offices.

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