Postal News Blog--The US Postal Service's Inspector General has released a report confirming the postal service's contention that it could run short of operating cash as soon as this October. The shortfall is possible even without considering the PAEA pre-funding payments the agency will default on.
The USPS does have a relatively simple workaround, one which would probably give our dysfunctional legislators an easy way to squirm their way out of actually doing anything substantial about postal reform before the new Congress takes over in January. The October shortfall is about $100 million, while a $1.2 billion shortfall is forecast for next October. Both are dwarfed by the USPS's $11 billion FERS overfunding. Returning just a small part of that overpayment would eliminate any operating cash shortages, without even touching the $44 billion the USPS has already socked away in the PAEA trust fund. Read more!
The USPS does have a relatively simple workaround, one which would probably give our dysfunctional legislators an easy way to squirm their way out of actually doing anything substantial about postal reform before the new Congress takes over in January. The October shortfall is about $100 million, while a $1.2 billion shortfall is forecast for next October. Both are dwarfed by the USPS's $11 billion FERS overfunding. Returning just a small part of that overpayment would eliminate any operating cash shortages, without even touching the $44 billion the USPS has already socked away in the PAEA trust fund. Read more!
