According to USPS: In June 2011, both the Postal Service and OPM agreed to seek a resolution surrounding the Postal Service’s’ decision to withhold payments of its FERS contributions by submitting a request for a legal opinion from the Office of Legal Counsel (OLC) at the Department of Justice. Based on advice received from the […]
Nov. 15, 2011 — For the first time since the recession began in 2007, this year’s Postal Service loss was largely driven by the continued impact of the worst recession in 80 years and the effect of Internet technology—above and beyond the crushing and unique burden of the congressional mandate to pre-fund future retiree health […]
Growth in Shipping Services; Continued Decline in First-Class Mail Volume WASHINGTON — The U.S. Postal Service ended its 2011 fiscal year (Oct. 1, 2010 – Sept. 30, 2011) with a net loss of $5.1 billion. The year-end loss would have been approximately $10.6 billion had it not been for passage of legislation that postponed a […]
CFO Briefing Follows Board of Governors Open Session Meeting WASHINGTON — The Postal Service will release its FY 2011 financial results on Nov. 15 during an open session meeting of the Board of Governors. Following the meeting, Chief Financial Officer Joe Corbett will host a telephone/web conference call to discuss the results. The call with […]
This news release and video suggests that the entire House Committee On Oversight and Government Reform and all Senators support the Issa-Ross-McCain Postal Reform Bill as well as the views on the USPS overpayment. However, only one member of the Committee has signed on as a co-sponsor for HR 2309. Very misleading on all fronts.
USPS Fails to Make $5.5 Billion Payment Washington, D.C. – (September 30, 2011) Rep. Justin Amash (R-MI), Vice Chairman of the Subcommittee on the Federal Workforce, U.S. Postal Service, and Labor Policy, issued the following statement on the U.S. Postal Service’s default: “Later today, the Postal Service will default on a $5.5 billion payment owed […]
USPS preliminary net loss for July 2011 –$1.327 Billion, year to date nearly $2 Billion more than planned. The US Postal Service filed its preliminary financial results for ten months of Fiscal Year 2011 with the Postal Regulatory Commission (PRC). USPS reported a net operating loss of $1.327 billion ending on July 31, 2011. After […]
USPS preliminary net loss for June 2011 –$900 million The US Postal Service announced certain preliminary financial results for the nine months of Fiscal Year 2011 on FORM 8-K filed with the Postal Regulatory Commission (PRC). USPS reported a net operating loss of $5.6 billion ending on June 30, 2011. After eight months into FY […]
USPS Postmaster General Patrick Donahoe discusses the financial woes facing the U.S. Postal Service and the future of the agency with Tom Sullivan on Fox Business Network. Watch the latest video at video.foxbusiness.com
The US Postal Service filed its eighth month preliminary financial report of the 2011 fiscal year (unaudited) with the Postal Regulatory Commission (PRC) . USPS reported a net operating loss of $1.3 billion for the month of May 2011. This same period last year saw a $642 million net loss. In October 2010 USPS saw […]