WASHINGTON — President Barack Obama said Monday the U.S. Postal Service should be allowed to reduce mail delivery to five-days-a-week to help cut its massive losses.

The Postal Service lost $8.5 billion last year and is facing even more red ink this year as the Internet siphons off large amounts of first-class mail and the weak economy reduces advertising mail.

While the post office has cut more than 100,000 workers in the last few years it needs to cut more, close offices and find other ways to reduce costs to keep operating.

In his economic growth and debt reduction plan unveiled Monday, Pres. Obama endorsed the idea of dropping one day of mail delivery — it is expected to be Saturday — and urged other changes in postal operations.