In cost reduction effort, Obama proposes ending Saturday mail delivery service The president unveiled his latest budget proposal this week, which includes a number of cost reduction measures aimed at reducing the nation's ballooning debt.

On Monday, President Obama announced a number of sweeping cost reduction initiatives in his budget proposal. Officials were largely mixed in their reaction to the proposal, with lawmakers either praising or deriding the president largely along party lines. One of the administration's proposed cost cuts would affect the U.S. Postal Service, which has been mired in financial troubles for the past decade.

The president proposed ending Saturday mail delivery, a move that experts said could help the USPS save millions of dollars each year. Critics said the president was effectively beginning the process of closing the organization, but Obama contended such a measure was necessary given the agency's dire financial situation.

"Bold action is needed to ensure that USPS can continue to operate in the short run and achieve viability in the long run," Obama said.

The USPS is expected to lose roughly $13.6 billion in the 2013 fiscal year, according to the president's budget proposal.
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