The U.S. Postal Service is looking into cutting 120,000 jobs and other ways to get out of the red.

The agency has lost more than $8 billion this year, and last month, it was reported that thousands of post offices would be closing.

More than 110,000 jobs have already been cut over the last four years.

The Postal Service has also proposed moving its employees out of the federal worker health and retirement programs into its own system of benefits.The proposals would require approval from Congress, which must act before the end of September when the agency will have reached its borrowing limit.

One payment the Postal Service requested Congress to drop is an annual $5.5 billion for future benefits, in which it is the only government agency required to participate.

The troubled agency also is considering ending Saturday delivery.