WASHINGTON, Nov 21 (Reuters) – Lawmakers’ proposals to
overhaul the U.S. Postal Service would not give the
near-bankrupt agency flexibility to find billions of dollars in
savings needed to return to profitability, Postmaster General
Patrick Donahoe said on Monday.
Leading bills in the U.S. House of Representatives and the
Senate would not allow the agency to immediately end Saturday
mail delivery and would impose some limitations on facility
closings, Donahoe said during a National Press Club luncheon.
WASHINGTON (Reuters) – The Postal Service reported a net loss of $5.1 billion for its 2011 fiscal year and on Tuesday warned that could run out of cash by September of next year if Congress did not offer relief.
The rise of e-mail and online bill payments combined with the recession has eroded mail volume, which fell by 3 billion pieces, or 1.7 percent, during 2011.
WASHINGTON (Reuters) – A Senate panel approved on Wednesday legislation to free up about $7 billion to help sustain the nearly bankrupt U.S. Postal Service while the mail carrier fixes its finances.
The bill, offered by a bipartisan group of four senators, would allow the agency, the world’s largest mail carrier, to dip into surplus funds in a retirement account to use toward retirement incentives for workers and to make other payments.
WASHINGTON (Reuters) – The U.S. Postal Service is on the brink of bankruptcy, and its top official’s worst fear is that a limping economy will derail the agency’s recovery.
The agency is bumping up against its $15 billion government borrowing limit, expects to report as much as $10 billion in losses for the last fiscal year, and is pinning its hopes on a congressional overhaul to get back on its feet.
WASHINGTON (Reuters) – The U.S. Postal Service would be allowed to tap into an estimated multibillion-dollar retirement fund surplus to ease its financial troubles under a bipartisan bill unveiled in the Senate on Wednesday.
The measure also would make the independent agency wait at least two years before attempting to end Saturday delivery.
By Cezary Podkul and Emily Stephenson
(Reuters) – The financially troubled U.S. Postal Service has determined that its plan to replace money-losing offices with retailers contracted to offer basic services will not work in many rural communities.
The world’s largest mail carrier hoped the plan, announced in July as part of a series of cost-cutting moves to combat recent losses, would save hundreds of millions of dollars.
WASHINGTON, Oct 18 (Reuters) – The cash-strapped U.S.
Postal Service announced on Tuesday a one-cent increase in the
cost of mailing a letter, starting in January.
The new prices lift the cost of a first-class stamp to 45
cents starting on Jan. 22, 2012, the first increase in more
than two years.
WASHINGTON, Oct 13 (Reuters) – U.S. lawmakers on Thursday
advanced legislation to overhaul the financially strapped U.S.
Postal Service but removed a plan to immediately give the
agency authority to stop Saturday mail delivery.
The House of Representatives Committee on Oversight and
Government Reform voted to send Chairman Darrell Issa’s postal
overhaul bill to the full House, with changes.
WASHINGTON, Oct 13 (Reuters) – Returning up to $75 billion
the U.S. Postal Service believes it overpaid into a federal
pension fund would not solve the agency’s long-term financial
problems and would force the government to pay billions more
for worker pensions, the Government Accountability Office said
The Postal Service has recently lost billions of dollars
each quarter as consumers use email and pay bills online.
WASHINGTON, Sept 23 (Reuters) – Senator John McCain
unveiled a bill on Friday to revamp the U.S Postal Service,
including an end to Saturday mail delivery, the latest of a
series of legislative proposals to shore up the financially
shaky mail service.
The proposal, which would also create advisory groups to
reduce the number of post offices and cut costs, is based on
Republican Representative Darrell Issa’s bill in the House of
Representatives, a McCain spokesman said.