House-Senate Panel Approves Measure to Keep Financially Troubled USPS Afloat
“A House-Senate panel on Thursday approved legislation to keep the government from closing down when the new budget year starts next week and employed a $4 billion bookkeeping maneuver to keep the financially troubled Postal Service afloat. The financially struggling Postal Service would be allowed to cover a budget shortfall by reducing its annual payment to a health care fund for retirees by $4 billion. Under current law, the Postal Service is required to transfer $5.4 billion to the Retiree Health Benefits Fund by Sept. 30, but Postal officials say they don’t have enough money to make the payment.” Full Story from Assoicated Press