Postal Service Will Halt Saturday Delivery

CHICAGO (CBS) -- It's the end of an era at the post office.

After losing $16 billion last year, the Postmaster General will announce on Wednesday the end of Saturday delivery for first class mail.

The final Saturday delivery will happen in August.

Packages will still be delivered. Express Mail and prescription drugs will also be delivered, and post offices will keep Saturday hours.

The Postal Service has already slashed hours and cut its workforce by 35 percent.

The end of Saturday delivery will save $2 billion a year, the postal service said.