Postal Service trims losses, looks for reforms

The red ink is still flowing at the U.S. Postal Service, just not as fast as a year ago.

In its latest financial filing, the Postal Service says losses in between April and June of this year totaled only $740 million, down from $5.2 billion a year ago.

For the nine months of the current fiscal year through June, the Postal Service has only lost $3.87 billion, compared to $11.65 billion a year ago.

But don't let those numbers fool you - there are still big time financial issues to deal with at the Postal Service, as officials say the mailing giant expects a "cash balance on hand of approximately 5 days of its average daily expenses" by mid-October.

In its latest quarterly report, the Postal Service again uses its latest financial statement to plead for action in Congress to reform legislation to provide more leeway to make internal changes to save money.

Among the reform ideas, ending first class mail delivery on Saturdays, reduce the size of the workforce and postal infrastructure because of lower mail volume and major reforms in health and retirement funding.

"The Plan requires a combination of operational realignment, aggressive cost reductions, and comprehensive legislation to reform the Postal Service’s current business model," the Postal Service says.

Congress still sluggish on Postal Reform legislation

While the Postal Service keeps asking for the right to make major internal reforms, the Congress continues to talk big about making changes, but hasn't been able to push any reform bill over the finish line.

Last year, the Senate approved a reform bill, but House Republicans never came up with a bill.

In 2013, Republicans in the House have pushed a bill through a House panel, but it has not been scheduled for floor debate.

That House bill would allow the Postal Service to end Saturday letter delivery, allow for changes in the Postal health insurance plan, end "to the door" letter delivery for many households, allow for cuts to the size of the postal workforce, but also limit the number of post office closures in rural areas.

Earlier this month, key Senators unveiled their own plan, which drew some negative reviews from some key players.

This Senate plan would keep Saturday letter delivery for at least two years, allow for major pension and health care reforms, let the Postal Service deliver alcohol, and find other ways to make money in the future.

As of now, there's no indication whether postal legislation will make it to the floor of the House and Senate later this year.

All the while, the red ink continues to flow at the Postal Service - just not as fast as a year ago.