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Search Tags: Patrick Donahoe
The Postal Service lost $5.2 billion in the third quarter of this year, bringing its year-to-date tally of red ink to $11.6 billion for the first nine months of 2012. The USPS chief financial officer said the organization's liquid assets are running perilously low. Postmaster General Patrick Donahoe faults an "inflexible" business model and urged action by Congress.
The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency's solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink. With cash running perilously low, two legally required payments for future postal retirees' health benefits - $5.5 billion due Wednesday, and another $5.6 billion due in September - will be left unpaid, the mail agency said Monday.
The nearly bankrupt U.S. Postal Service is moving ahead with plans to close and consolidate 229 mail-processing facilities. Postmaster General Patrick Donahoe (pictured) said the postal service can no longer wait for Congress to decide how to cut postal costs, and the processing network had simply become too big and too costly. The consolidations are expected to reduce the USPS workforce size by 28,000 employees.
As part of a cost-savings plan designed to halt the closings of rural postal facilities, the U.S. Postal Service said it would offer $20,000 buyout incentive payments to 21,000 full-time postmasters.
The four sponsors of postal reform legislation in the Senate are asking the Postal Service to delay closing post offices and mail processing facilities until the new law is in place.
Postmaster General Patrick Donahoe testified today before a House subcommittee saying a USPS-sponsored plan would save $7 billion a year. Such a plan, Donahoe said, would offer equal or better coverage to current employees and retirees.
Sen. Susan Collins (R-Maine), a staunch USPS supporter, takes Postmaster General Patrick Donahoe to task for pursuing a plan to close thousands of postal facilities in order to save $7.1 billion annually.
The Postal Service's strategic five-year plan proposes cutting the workforce by 155,000 by 2016 and creating its own health benefit program for employees and retirees to return to financial stability.
In a letter to Congress, Postmaster General Patrick Donahoe described an updated five-year cost-cutting plan put together in coordination with Wall Street adviser Evercore Partners Inc.