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2021-05-20

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Group of U.S. senators backs $46 billion in relief for Postal Service

A bipartisan group of 20 U.S. senators introduced legislation on Wednesday to provide the cash-strap

Group of U.S. senators backs $46 billion in relief for Postal Service

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Instead, USPS would pay a small, yearly \"top-up\" payment to address actual annual retiree costs.</p>\n<p>The agency has reported net losses of $86.7 billion since 2007. One reason is 2006 legislation mandating that it pre-fund more than $120 billion in retiree healthcare and pension liabilities, a requirement that labor unions have called an unfair burden not shared by other businesses.</p>\n<p>\"This common-sense, bipartisan legislation would help put the Postal Service on a sustainable financial footing,\" said Senator Gary Peters, a Democrat who chairs the panel that oversees the Postal Service.</p>\n<p>The Postal Service has struggled with poor delivery performance over the past year, facing a huge boost in packages and COVID-19 staffing issues.</p>\n<p>The bill would require USPS to maintain delivery for six days a week.</p>\n<p>A USPS spokesman said on Wednesday the agency was \"encouraged to see the introduction of bipartisan, bicameral postal reform language.\" If passed, the financial reforms \"will be a major step forward for financial sustainability of the Postal Service,\" the spokesman added.</p>\n<p>In March, Postmaster General Louis DeJoy proposed a 10-year strategic plan that would eliminate $160 billion in forecasted red ink by slowing some mail deliveries, cutting some retail hours and closing some locations.</p>\n<p>DeJoy told Reuters in March that action was urgently needed. \"We’re losing $10 billion a year - gotta fix it,\" he said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Instead, USPS would pay a small, yearly \"top-up\" payment to address actual annual retiree costs.\nThe agency has reported net losses of $86.7 billion since 2007. 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