Tags: postal | service | broke | rate | increase

US Postal Service Close to Going Broke

Thursday, 30 Sep 2010 11:54 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The U.S. Postal Service has cut back on spending by $10 billion since 2008, but it's still nearly out of money. The Washington Post reports that in advance of the USPS' announcement Thursday of recent postal,service,broke,rate,increaselosses totaling billions of dollars, the agency is banking on a 5.6 percent increase in postal rates to help its bottom line.

Postmaster General John E. Potter said earlier this year that "we are perilously close to running out of cash in October," and the mail service's request to delay a $5.6 billion payment for retiree health benefits was denied.

"The Postal Service does not want to make the tough decisions, which include cuts in personnel, pay and benefits," Rep. Darrell Issa, R-Calif., told the Post. Instead, they are relying on a generous taxpayer bailout that will not solve any of their mid- or long-term problems."

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Stocks Sink as Russell 2000 Enters Correction; Bonds Rally

Wednesday, 01 Oct 2014 16:56 PM

U.S. stocks tumbled, with the Russell 2000 Index extending losses from a record to 10 percent, while Treasuries rallied  . . .

White House Intruder Pleads Not Guilty

Wednesday, 01 Oct 2014 16:27 PM

A knife-carrying U.S. Army veteran who jumped a fence and ran into the White House, triggering a ferocious debate about  . . .

Teen Girls Who Escaped Recount Rape, Torture as ISIS Captives

Wednesday, 01 Oct 2014 16:16 PM

Teen girls, many of them members of the Yazidi sect in Northern Iraq, are reporting severe mental and physical torture a . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved