Postal News Blog--WASHINGTON - The postmaster general told a Senate subcommittee today that despite significant cost cutting and revenue generation, the Postal Service finds itself in dire financial straits. Statutorily mandated payments due to the government at the end of September will not be paid, he said, unless Congress acts to refund overpayments of pension funding or ease the mandate to prefund retiree health benefits.
Testifying before the Federal Financial Management Subcommittee of the Senate Committee on Homeland Security and Governmental Affairs, Postmaster General Patrick R. Donahoe said that the financial condition of the Postal Service is such that in the absence of comprehensive legislation, there are required federal payments that are now in jeopardy. "As things stand, we do not have the cash to make a $5.5 billion prepayment for future retiree health benefits due Sept. 30," he said. Read more!
Testifying before the Federal Financial Management Subcommittee of the Senate Committee on Homeland Security and Governmental Affairs, Postmaster General Patrick R. Donahoe said that the financial condition of the Postal Service is such that in the absence of comprehensive legislation, there are required federal payments that are now in jeopardy. "As things stand, we do not have the cash to make a $5.5 billion prepayment for future retiree health benefits due Sept. 30," he said. Read more!
