Home The Latest Senators offer Postal Service rescue plan

Senators offer Postal Service rescue plan

| Print |  Email
The Latest
Wednesday, November 02, 2011

A bipartisan group of senators have a proposal to save the U.S. Postal Service. The plan includes cutting Saturday service, buying out 100,000 jobs and closing many branches.

The bill would allow the cash-strapped U.S. Postal Service tap a $6.9 billion overpayment to the Federal Employment Retirement System, a move that several House Republicans have opposed, dubbing it a bailout.
The bill would direct $1.7 billion of that overpayment to offer up to $25,000 cash buyouts or up to two years of service credits toward retirement for experienced employees near retirement. If 100,000 workers take the buyout, the move could save $8 billion, according to the U.S. Postal Service.
The rest of that money could be used to pay down debt that the U.S. Postal Service has taken on to pay bills, said Sen. Susan Collins, a Maine Republican, who was among those who helped craft the deal.
"Without taking controversial steps like these, the Postal Service just isn't going to make it, and that would be terrible. said Sen. Joseph Lieberman, a Connecticut independent who caucuses with Democrats. "We must act quickly to prevent a postal service collapse."
Other lawmakers in on the proposal include Sen. Tom Carper, a Delaware Democrat, who runs the panel that oversees the U.S. Postal Service and Sen. Scott Brown, a Massachusetts Republican.
Congress would need to pass the proposal, which has yet to be reviewed by House Republicans or the White House.
Postal unions had not yet reacted to the proposal, but they've been opposed to past recommendations that included employee layoffs.

Read The Latest at CNN.

 

 

More Articles

The short list: 5 hot coffee shops for entrepreneurs

Contributed Blogs
Friday, November 14, 2014

CupojoeBY JESSICA RIDGWAY

Oregon entrepreneurs reveal their favorite caffeine hangouts.


Read more...

October surprise

News
Sunday, October 12, 2014
roundup-logo-thumb-14BY LINDA BAKER

Cylvia Hayes, tabloid vs. watchdog journalism and the looming threat of a Cascadia earthquake.


Read more...

The clean fuels opportunity

News
Monday, November 10, 2014
111014-dirtyfuel-thumbBY KIM MOORE | OB RESEARCH EDITOR

A market for low-carbon transportation fuels has a chance to flourish in Oregon if regulators adopt the second phase of the state’s Clean Fuels Program.


Read more...

Innovation: a critique

News
Wednesday, October 08, 2014
1008 innovation thumbBY LINDA BAKER | OB EDITOR

A Design Week panel discussion raises questions about how innovative we really are.


Read more...

Reimagining education to solve Oregon's student debt and underemployment problems

News
Thursday, November 13, 2014
carsonstudentdept-thumbBY RYAN CARSON | OP-ED CONTRIBUTOR

How do we skill up our future technology workforce in a smart way to take advantage of these high-paying jobs? The answer shouldn’t focus only on helping people get a bachelor’s degree.


Read more...

100 Best Nonprofits to Work for in Oregon [VIDEO]

News
Thursday, October 02, 2014

Screen shot 2014-10-02 at 11.17.21 AMMore than 5,500 employees from 180 organizations throughout the state participated in the 100 Best Nonprofits to Work for in Oregon project.


Read more...

Semiconductor purgatory

News
Monday, October 06, 2014
roundup-logo-thumb-14BY LINDA BAKER | OB EDITOR

Intel's manufacturing way station; Merkley's attack dog; Diamond Foods gets into the innovation business.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS