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BtoB

Postal Service gains reprieve from Congress

By Published on .

Washington, D.C.—The U.S. Postal Service, which was expected to log a record-setting deficit for its fiscal year ended Sept. 30, gained a fiscal reprieve this week from the Senate, which joined the House in agreeing to maintain funding for the organization and to reduce required USPS funding of employee benefits.

“I believe that (this legislation) significantly reduces the likelihood (or the size) of an exigent postal rate increase in the next 12 months,” said David Straus, Washington, D.C.-based counsel for American Business Media, an association of business media companies.

The USPS, which is pushing for the elimination of Saturday mail delivery in an attempt to save money, projects a net loss of more than $7 billion for its recently completed fiscal year and a cash shortfall of up to $700 million. If approved, eliminating Saturday delivery could save about $3.5 billion.

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