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• The proposal is part of broader legislation by Rep. Darrell Issa, R-Calif., chairman of the oversight and government reform panel, designed to cut costs at the cash-strapped agency by up to $4.5 billion a year. The Postal Service had a $16 billion loss last year.
• The bill was approved on a party-line vote, with 22 Republicans supporting it and 17 Democrats opposing it.
• Postal Service spokesman David Partenheimer said the agency would evaluate Issa's bill based on whether it would enable the agency to make $20 billion in savings by 2017.
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• SAN FRANCISCO (AP) -- Facebook's stock is flying high after the world's biggest social network posted higher revenue from mobile ads and delivered a healthy second-quarter profit that reversed a loss in the same period a year ago.
• The results, which come on the heels of weaker-than-expected results from online search leader Google Inc., signal that Facebook's aggressive push into the mobile advertising market continues to pay off. The company began showing mobile advertisements for the first time last spring. On Wednesday, Facebook said mobile ads accounted for a whopping 41 percent of its total advertising revenue.
• The Menlo Park, Calif.-based company's stock jumped $4.48, or 17 percent, to $30.99 in extended trading. The shares had closed the regular trading session at $26.51. Facebook's stock priced at $38 when the company went public in May 2012, but hasn't hit that level since.
• "I'm completely surprised," said Gartner analyst Brian Blau, summing up the sentiments of many investors who've watched Facebook's stock price stagnate over the past year due in large part to concerns about its mobile prospects.
• "I was actually thinking that maybe they would have a soft quarter," he added, citing a softening of display advertising revenue -- Facebook's bread and butter -- across the industry. "That seems not to be the case."
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• WASHINGTON (AP) -- President Barack Obama announced Wednesday that

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