RightofCenter
Member
One institution after another is falling over, dead. Sure smacks of poor management and poor social awareness of your surroundings, thats for sure!
http://news.yahoo.com/s/ap/20090325/ap_on_go_ot/postal_woes
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WASHINGTON – The financially strapped U.S. Postal Service will run out of money this year without help from Congress, Postmaster General John Potter warned on Wednesday.
"We are facing losses of historic proportion. Our situation is critical," Potter told a House subcommittee.
The agency lost $2.8 billion last year and is looking at much larger losses this year said Potter, who is seeking congressional permission to reduce mail delivery from six days to five days a week.
Potter also urged changes in how it pre-pays for retiree health care to cut its annual costs by $2 billion.
If the Postal Service does run out of money, the lingering question, Potter told the House Oversight post office subcommittee, is which bills will get paid and which will not.
He said ensuring the payment of workers' salaries comes first, but other bills may have to wait.
Potter first raised the possibility of delivery cutbacks in January, but the idea has not been warmly received in Congress.
"With the Postal Service facing budget shortfalls the subcommittee will consider a number of options to restore financial stability and examine ways for the Postal Service to continue to operate without cutting services," subcommittee chairman Stephen F. Lynch, D-Mass., said.
Lynch said the financial stability of the Postal Service is "critical to the American expectation of affordable six-day mail delivery."
Even if the agency succeeds in reaching its planned cost cuts of $5.9 billion, there could still be a $6 billion deficit in 2010, Potter said.
http://news.yahoo.com/s/ap/20090325/ap_on_go_ot/postal_woes
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