While a big number, it's way down from the $3.1 billion loss posted during that period last year. The Postal Service said it's already cut its operating costs, but it needs Congressional help to put it back on sound financial footing.

The U.S. Postal Service on Wednesday announced that it plans to halt Saturday mail delivery, a major shift in operations that the agency says it must make in order to keep from bleeding billions of dollars every year. Package deliveries would continue under the plan.

The U.S. Postal Service is expected to announce Wednesday that letters will no longer be delivered six days a week. The move starts this summer and should save $2 billion. Saturday package delivery, however, will continue.

When postal rates went up this week, labels who ship CDs and LPs saw rates jump. They say the costs will make their way to music fans.