"...a recession, declining first-class mail volume and a congressional mandate to prefund retirement health care benefits have put the service in a hold, according to Postal Service spokesman David Partenheimer. The service reported a $5.1 billion loss for the year ended Sept. 30.
If Congress signs off on the Postal Service's cost-cutting five-year plan, "we will be able to pay down our debt and we'll have a cash surplus of $7 billion by the end of fiscal year 2016," Partenheimer said.
The Senate's bill would tap most of estimated $10.9 billion overpayment in the Federal Employees Retirement System to pay down postal service debt -- although it would also use between $1 to $2 billion for incentives to get some long-time employees to retire..."
If Congress signs off on the Postal Service's cost-cutting five-year plan, "we will be able to pay down our debt and we'll have a cash surplus of $7 billion by the end of fiscal year 2016," Partenheimer said.
The Senate's bill would tap most of estimated $10.9 billion overpayment in the Federal Employees Retirement System to pay down postal service debt -- although it would also use between $1 to $2 billion for incentives to get some long-time employees to retire..."
