Hope Yen
Postal Service loses $3.2B in 2nd quarter
WASHINGTON (AP) — The ailing U.S. Postal Service is reporting quarterly losses of $3.2 billion, brought on by declining mail volume and mounting costs for future retiree health benefits.
From January to March, losses were $1 billion more than during the same period in 2010.
Postmaster General Patrick Donahoe says the mail agency is incurring significant losses because Congress has failed to pass legislation allowing it to eliminate Saturday mail delivery and reduce health and other labor costs.
The Postal Service warned that its cash flow is running low. Without legislative action, the agency says it will be forced to default on more than $11 billion in health prepayments due to the Treasury this fall.
Postal Service: Will keep rural post offices open
WASHINGTON (AP) — The struggling U.S. Postal Service is trying to tamp down concern over its wide-scale cuts, saying it will seek to keep hundreds of rural post offices open with shorter hours.
Postmaster General Patrick Donahoe tells a news conference the new plan will save the mail agency half a billion dollars each year while addressing concerns of rural residents most opposed to post office closings.
Previously, up to 3,700 low-revenue post offices were slated for closure or consolidation beginning sometime after May 15, many in rural areas. It was part of a multibillion-dollar postal cost-cutting effort to stave off the agency’s bankruptcy.
The Postal Service now plans to seek regulatory approval for the new plan and get community input, a process that could take several months.
Postal Service: House must act to stem mail losses
WASHINGTON (AP) — The nearly bankrupt U.S. Postal Service is urging the House to quickly pass legislation to let it close low-revenue post offices and eliminate Saturday delivery.
The Postal Service board of governors met Friday. They stressed the limitations of a bill passed last week by the Senate, saying the measure makes it harder to close up to 252 mail-processing centers and 3,700 post offices. They say that would prevent the mail agency from regaining profitability.
Postmaster General Patrick Donahoe has said he will start closing mail facilities sometime after May 15.
The agency said Friday it plans to move ahead with the closings in a “methodical and measured” way, considering the needs of rural communities.
Senate votes to slow closing of post offices
Sen. Joe Lieberman, I-Conn., Sen. Susan Collins, R-Maine., Sen. Scott Brown, R-Mass., and Sen. Tom Carper, D-Del., speak about the Postal Reform Bill on Capitol Hill in Washington, Wednesday, April 25, 2012. (AP Photo/Charles Dharapak)(Credit: AP) WASHINGTON (AP) — The Senate offered a lifeline to the nearly bankrupt U.S. Postal Service on Wednesday, voting to give the struggling agency an $11 billion cash infusion while delaying controversial decisions on closing post offices and ending Saturday delivery.
By a 62-37 vote, senators approved a measure which had divided mostly along rural-urban lines. Over the past several weeks, the bill was modified more than a dozen times, adding new restrictions on closings and cuts to service that rural-state senators said would hurt their communities the most.
Continue Reading CloseSenate nears passage of bill to slow postal cuts
WASHINGTON (AP) — A Senate bill aimed at saving the U.S. Postal Service would make it harder to close thousands of low-revenue post offices and end Saturday mail delivery — steps the struggling agency says are needed to reduce billions in debt and become profitable again.
The measure takes steps to help the mail agency avert bankruptcy as early as this fall, giving it a cash infusion of $11 billion to pay off debt and reduce costs by offering retirement incentives to 100,000 employees. But the bill sidesteps most controversial decisions on postal closings, buying time for lawmakers who would rather avoid the wrath of constituencies in an election year.
Continue Reading CloseNumber of US illegal immigrants from Mexico drops
WASHINGTON (AP) — The number of Mexican immigrants living illegally in the U.S. has dropped significantly for the first time in decades, a dramatic shift as many illegal workers, already in the U.S. and seeing few job opportunities, return to Mexico.
An analysis of census data from the U.S. and Mexican governments details the movement to and from Mexico, a nation accounting for nearly 60 percent of the illegal immigrants in the U.S. It comes amid renewed debate over U.S. immigration policy as the Supreme Court hears arguments this week on Arizona’s tough immigration law.
Continue Reading ClosePage 1 of 5 in Hope Yen