The Postal Service needs help from Congress to stop the red ink, Postmaster General Patrick Donahoe told CNBC on Wednesday.
Despite an increase in package revenues and an emergency price hike that took effect in January, the agency said Monday it lost $2 billion in the second quarter.
The problem we face … is we are required by law to prefund retiree health benefits to the tune of about $5.7 billion a year. And we don’t have enough money to make that up right now. And that’s the bulk of the losses," Donahoe said in a "Squawk Box" interview.
Read more: Postmaster General blames Congress for $2B loss.