USPS plans to reduce debt by $3.8b

The Postal Service expects to end this fiscal year $4.2 billion in the black, allowing it to pay off a substantial amount of debt.

Chief Financial Officer Richard Strasser said the financial plan is to reduce debt by $3.8 billion this year to $7.3 billion.

In addition, the agency expects a $2.1 billion net income for the 2004 fiscal year, which begins in October, allowing further reduction in debt.

Strasser said the post office expects to finish this fiscal year with revenue of $68.9 billion, $1.5 billion less than planned, and spending of $64.7 billion, $1.8 billion less than expected.