Art Sackler News
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All but five of Congress’s 255 Democrats and independents received campaign donations from postal worker union groups in the past six years, raising the political risk of Postmaster General Patrick Donahoe’s move to end Saturday mail delivery.
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The U.S. Postal Service, which lost $1.3 billion in its first quarter, said its debt could reach $45 billion by around 2017 if Congress doesn’t pass legislation allowing it to change its business model.
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Overshadowed by a political battle over year-end tax increases and spending cuts known as the fiscal cliff, the U.S. Postal Service could run out of money to deliver mail next year unless President Barack Obama and Congress act.
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Just how long the U.S. Postal Service can survive without Congress passing a bill to let it make fundamental changes may become more clear today when the agency reports its 11th consecutive quarterly loss.
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The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
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The U.S. Postal Service may gain “breathing space” to reduce costs over the next two years as part of President Barack Obama’s deficit-reduction plan, Deputy Postmaster General Ronald Stroman said.
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CVS Caremark Corp . and Medco Health Solutions Inc. are opposing the U.S. Postal Service’s plan to end Saturday delivery, saying the move would delay needed medicines and may boost mail-order drug prices.
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The U.S. Postal Service said it lost $3.3 billion in the quarter ended Dec. 31 -- typically its strongest -- and that it expects to run out of cash in October unless Congress agrees to cuts in facilities and employees.
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The U.S. Postal Service, facing insolvency without approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year.
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President Barack Obama’s call for the U.S. Postal Service to end Saturday mail delivery and raise rates will drive away customers while not addressing needed cost reductions, some business users and U.S. lawmakers said.
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