Tags: Postal | rescue | Obama | pensions

White House Forming Postal Service Rescue Plan

Wednesday, 07 Sep 2011 02:50 PM

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The White House will include a rescue plan for the U.S. Postal Service in a deficit reduction plan President Barack Obama will send to Congress. The deficit plan is not due for weeks, so the administration will ask for a 90-day extension to make billions in retirement payments due by Sept. 30, The Washington Post reported.

“I’m operating right now with a week’s worth of cash,” the Post quoted Postmaster General Patrick Donahoe as saying. The Postal Service, which may be broke by this time next year, could post a $10 billion loss for the fiscal year as a result of declining mail volume.

The White House declined to provide details of the rescue plan but said it would be “consistent with the Postal Service’s mission and its obligations to all of its stakeholders, including its workers,” the Post reported.

Independent Sen. Joe Lieberman said his Homeland Security and Governmental Affairs Committee would draft legislation on the matter. Under consideration for the legislation is cutting Saturday mail delivery, closing post offices, giving the Postal Service access to money it has overpaid to federal retirement funds, and changes to retirement funding, the Post reported.

The House is considering similar measures including creating a financial control board, according to the Post.

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