Tags: Postal | rescue | Obama | pensions

White House Forming Postal Service Rescue Plan

Wednesday, 07 Sep 2011 02:50 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

© 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:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Plane Crash Kills Dad Walking on Beach With Daughter

Sunday, 27 Jul 2014 17:42 PM

Authorities say a father was killed and his daughter seriously injured while walking on the sand whe n a small plane cra . . .

Family of 5 Shot Dead in Maine, Gun Recovered

Sunday, 27 Jul 2014 20:54 PM

A family of five, including three children ranging in age from 4 to 12 years old, were found shot to death Sunday inside . . .

California Lightning Hits 14; 2 Critically Injured

Sunday, 27 Jul 2014 20:07 PM

Lightning struck 14 people, leaving two critically injured, as rare summer thunderstorms swept through Southern Californ . . .

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