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Postal Service posts $5B loss; CFO says USPS in 'precarious position'

Postal officials called on Congress to lift a 2006 congressional requirement that it make annual $5.6 billion payments to cover expected health care costs for future retirees.

Tags: Joseph Corbett , USPS , budget , Congress , Michael OConnell

Friday - 11/15/2013, 04:08pm EST

Post office reports loss of $5 billion for year

Tags: USPS , budget

Friday - 11/15/2013, 03:30pm EST

Postmaster: Money woes behind rate hike request

Tags: USPS , Senate , budget , Congress

Thursday - 09/26/2013, 04:56pm EDT

Postmaster says Senate bill a good start to postal overhaul

Postmaster General Patrick Donahoe says a Senate bill aiming to overhaul the Postal Service's financial structure by providing the agency more flexibility to price its products is a good first step. Donahoe has been calling on Congress to approve comprehensive postal reform for much of the last two years. In that time, the cash-strapped agency has posted losses of $20 billion and defaulted on more than $11 billion in payments to prefund retiree health care costs. USPS is set to default on a $5.6 billion payment due Sept. 30 payment, Donahoe said.

Tags: USPS , postal reform , Senate , Senate Homeland Security and Governmental Affairs Committee , Tom Carper , Ruth Goldway , Tom Coburn , Clint Guffey , APWU , Jack Moore

Thursday - 09/19/2013, 06:00pm EDT

Postal Service closing Capitol Hill post offices in 'symbolic' move

USPS issued final determinations Wednesday to close three Capitol Hill post offices by July 21, which is expected to save about $2 million over the next 10 years. That's only a drop in the bucket in the agency's stretched-thin budget, but top House Republicans on the Administration and Oversight and Government Reform Committees hailed the move for sending a strong message.

Tags: USPS , Congress , Darrell Issa , House Oversight and Government Reform Committee , Candice Miller , post office closures , Jack Moore

Wednesday - 06/19/2013, 04:57pm EDT

Federal Drive Show Blog - April 22, 2013

On the Federal Drive show blog, you can listen to our interviews, find more information about the guests on the show each day, as well as links to other stories and resources we discuss.

Tags: Federal Drive , Kathleen Sebelius , Cameron Leuthy , Belva Martin , Marcia Smith , Tom Temin , Emily Kopp

Monday - 04/22/2013, 12:09pm EDT

Postal Service reform finds new life on Capitol Hill

Real reform for the U.S. Postal Service may be gaining some steam in Congress. Rep. Blake Farenthold (R-Texas), the new chairman of the House subcommittee that oversees the Postal Service, tells Federal News Radio, House leadership sees room for compromise with Democrats when it comes to figuring out ways to get USPS back in the black. Farenthold supports the Postal Service's plan to eliminate Saturday mail delivery.

Tags: Congress , House , USPS , postal reform , Blake Farenthold , Dennis Ross , Gerry Connolly , Claire McCaskill , Stephen Lynch , Sean McCalley , Jason Miller

Tuesday - 03/19/2013, 05:15am EDT
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USPS employees to see less overtime, more buyouts under 5-day delivery plan

Postmaster General Patrick Donahoe said the service can no longer afford to delivery first class mail six-days a week. He said cutting back by one day a week would save about $2 billion a year. USPS still would have a $14 billion deficit and needs help from Congress to address other fiscal challenges.

Tags: management , budget , postal service , Gerry Connolly , Sam Graves , Tom Coburn , Darrell Issa , National Association of Letter Carriers , Fredric Rolando , Blake Farenthold , Jeanette Dwyer , workforce , Jason Miller

Thursday - 02/07/2013, 05:24am EST
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Postal Service pension surplus shrinks as Donahoe renews call for legislation

Surplus payments the Postal Service made to the Federal Employee Retirement System are much smaller than once thought. Last year, the surplus was estimated to be $11.4 billion. But because of a reduction in projected long-term interest rates, OPM estimated the surplus would drop to $2.6 billion. SPS had wanted to use those overpayments to pay down some of its debts

Tags: USPS , budget , Congress , Joe Corbett , Jack Moore , postal reform

Thursday - 11/15/2012, 08:40pm EST
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Postmaster General urges quick action in lame duck session

Postmaster General Patrick Donahoe says his number one priority is seeing legislation passed in the upcoming lame-duck session of Congress that will help the U.S. Postal Service get out of debt. In an exclusive interview with Federal News Radio, Donahoe details the latest on the agency's financial situation, buyouts, the consolidation of mail processing centers, and its plan to cut window hours at half of its post offices across the country.

Tags: USPS , budget , retirement , POSTPlan , Metro Post , Congress , buyouts , postal reform , mail processing centers , exclusive , Julia Ziegler

Thursday - 11/01/2012, 03:38am EDT
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