It's true that no other unit of government or private company that provides retiree health care coverage has to make such pre-funding payments. Philippine President Rodrigo Duterte is threatening to scrap a key agreement with the U.S. military in an attempt to force Washington to provide his country with Pfizer’s coronavirus vaccines. There was none,” Rep. Bob Gibbs, a Republican from Ohio. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Dec 26, 2020 #1 A Christmas gift from Scottsdale, AZ to Virginia Beach, VA. President Trump appointed DeJoy, a businessman and prominent GOP donor, to reform the financially troubled USPS, which is on track to lose $9 billion this year and has lost nearly $70 billion over the past 11 years. A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of failure bankruptcy.. A bailout differs from the term bail-in (coined in 2010) under which the bondholders or depositors of global systemically important financial institutions (G-SIFIs) are forced to participate in the recapitalization process, but taxpayers are not. USPS needs reform, not a bailout By ROSS MARCHAND Dec 18, 2020 Dec 18, 2020; 0; Facebook ... We'd love to hear eyewitness accounts, the history behind an article. DeJoy testified on Friday before a GOP-led Senate oversight panel that he has not cut overtime or implemented any changes aimed at slowing down service. Also at the briefing, Trump decried Democrats for pushing $25 billion for a USPS bailout and another $3.5 billion toward bolstering mail-in voting capabilities By Katelyn Caralle, U.s. Congress seems to have two legislative speeds: inertia in the face of an oncoming fiscal disaster, or ugly, last-minute scrambles to ram through sham legislation that often exacerbates already fraught situations. Postal Service officials are seeking a $75 billion bailout from taxpayers. Disclaimer. Meadows noted he co-authored a bipartisan postal reform bill while serving in the House that never made it into law. Instead they use the USPS health care policies as their primary insurance, rather an as supplemental insurance. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. ATLANTA — In a pair of razor-thin Georgia Senate runoff races where the lead changed multiple times through Tuesday night, Democratic challenger Raphael Warnock was ahead of incumbent Sen. Kelly Loeffler as the clock struck midnight, while Jon Ossoff and Sen. David Perdue were effectively locked in a tie. The House passed a $25 billion bailout of the financially troubled United States Postal Service that would block reforms or changes to service. Hundreds, if not thousands, of Floridians will be participating in at least four marches planned Wednesday in Washington as part of President Donald Trump’s “big protest” against the certification of President-elect Joe Biden’s Electoral College victory. The History of US Government Financial Bailouts. In the first five months of 1974 the bank lost $63.6 million. Mike O'Brien May 12, 2020. Senate Votes for $11 Billion Bailout of U.S. Post Office. Virtually all of the agency's financial problems stem from a unique, arcane accounting system that no other business or government body follows and that doesn't accurately reflect real costs. "This is the Postal Service. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Pelosi pointed to polls showing 90% support for the USPS, which was first established as a postal system in 1775. Now he can afford McDonald's, Problems at the post office could devastate these small businesses. "Prolonged insolvency of USPS will result in a massive taxpayer bailout and ongoing subsidy, or a sudden disruption in mail service, or both," the California Republican said. “The new postmaster general is using the lack of funding to justify sweeping and damaging changes to Postal Service operations, and we have seen the results,” House Oversight and Government Reform Committee Chairwoman Carolyn Maloney, a New York Democrat, said. Beyond the question of bookkeeping and accounting rules being responsible for most of the losses, there is the question of whether or not USPS should be making money. Rep. Jody Hice, a Republican from Georgia, said universal mail-in balloting will lead to fraud and major problems that could make it impossible to determine the results of the Nov. 3 election. Factset: FactSet Research Systems Inc.2018. Welcome to USPS.com. Patel has not conceded, even though Maloney was declared the winner. Most people don't realize that the service typically runs without any taxpayer subsidies, despite being a part of the government that goes back to before the revolutionary war. Postal Service needs a bailout, or at least some vision for its future after the coronavirus pandemic. All rights reserved. With $50B In Debt, US Post Office My Need A Bailout Soon. Postal Service comes up with a turnaround plan to stop hemorrhaging money soon, taxpayers and consumers likely will be hit with a bailout bill of well in excess of $50 billion. Thousands of ballots in the race were rejected because they were missing a postmark or were postmarked late. Share Tweet . Apparently they gave it to a homeless guy on a bicycle to deliver. Congressional Meddling in USPS Makes Bailout More Likely The WasteWatcher. As of September 30, 2019, the balance of the retiree health benefits fund was $92.2 billion, with interest on the holdings covering most of the actual premium costs it made. Republicans dismissed Democratic arguments in favor of the money. The Postal Service Emergency Assistance Act (S. 4174) would provide USPS with up to $25 billion to cover revenue losses or operational expenses resulting from the COVID-19 coronavirus. The Federal Reserve stepped in with a loan of $1.75 billion. In the 1830s, French aristocrat, historian, and diplomat Alexis de Tocqueville chronicled our new country in part by riding in a mail coach into Michigan Territory. The rule took effect in 2007, just before the start of the Great Recession, when the Postal Service was still reporting profits. For nearly a year, speculation has swirled about whether the novel coronavirus outbreak began in a Wuhan wet market or was actually accidentally leaked from a lab in the Chinese city. The cost of retiree health care coverage is further inflated by the fact that only 74% of the nearly 500,000 retirees and their family members covered by those policies are fully enrolled in Medicare. “The chairwoman herself ought to be the first to stand up and testify of the disaster of her own election,” Hice said, referring to Maloney. “That’s what he said.”. ATLANTA — Georgia Democratic Senate candidate Jon Ossoff claimed victory Wednesday morning, hours after he reclaimed the lead in his razor-thin runoff against incumbent Republican Sen. David Perdue. The Postal Service’s long-term problem The Postal Service has been organized in several different ways across American history, but its modern paradigm, dating from … The opinions expressed by … The Pennsylvania Senate requested a delay in certifying the state's electoral votes on Wednesday, suggesting there were inconsistencies in the election process, President Trump said Tuesday night. “It took over six weeks or thereabouts to get the results, because these mail-in ballots kept coming and coming and coming, thousands of which were thrown out, opening the doors for lawsuits in your own election. The USPS has lost billions every year for the last 13 years. Republicans said the Postal Service is suffering from the same problems with on-time deliveries that have long plagued it. "Where was the outrage then? January 30, 2012 — Leslie Paige. Comer pointed out USPS has removed 35,000 mailboxes over the past 10 years, including 14,000 removed during former President Barack Obama’s time in office. (What happened after the bailout?) Find information on our most convenient and affordable shipping and mailing services. White House rejects bailout for Postal Service battered by coronavirus. Political Battle Over USPS Future, Fed Bailout Continues as Mail Declines. Nearly all private sector and government employers that provide retiree health benefits require full participation in Medicare, said Megan Brennan, a former postmaster general, before a House committee last year. White House chief of staff Mark Meadows was on Capitol Hill Saturday trying to convince Democrats to work on a compromise deal that would include not only some money for the USPS, but other elements of a larger coronavirus aid package. The USPS booked positive cash flow of nearly $2 billion in the nine months ending June 30, up from $1.3 billion in the same period a year ago. About two dozen Republicans voted in favor of the legislation despite both the GOP leadership and President Trump urging party lawmakers to oppose it. Brian McNicoll | Posted: Apr 22, 2020 12:01 AM. House Democrats voted to advance a $25 billion U.S. In April, USPS made an audacious request for $75 billion in assistance from the House of Representatives Committee on Oversight and Reform. Dozens voted by proxy rather than attending the unusual August Saturday session in person. 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In the fourth quarter, USPS reported that it had lost $9 billion for the full year, despite an increase in package volume. But it's looking to the government for a bailout with $25 billion rolled into a pandemic funding package held up in by lawmakers in DC. ), The financial problems have nothing to do with the expected. Amount of coverage can be specified, up to $5,000. New York (CNN Business)The House of Representatives on Saturday approved legislation for a bailout for the US Postal Service, which, on paper, has been posting huge losses for years. Postal Service gets tossed around like a political football and threatens insolvency without more federal aid, the agency continues to report poor results as already lower mail rates have fallen through the floor in the midst of the coronavirus pandemic. Illinois residents pay 9.48 percent of their income per capita toward property, income and sales taxes – or $5,410 per person – according to a new study examining tax burdens in the 50 states and the District of Columbia. He said if it wants to maximize profits it would hurt many Americans, particularly in rural areas that are expensive to serve. The decline in letter volume has been more than made up by increased package shipments, as consumers make more purchases online. Unless the U.S. Legislation has been introduced in the Senate which would provide a $25 billion bailout for the Postal Service, albeit with some strings. USPS Tracking provides proof of delivery to sorting facilities, local post office and destination, but no signature is required. Postal Service officials are seeking a $75 billion bailout from taxpayers. "This bill on the floor today is more of a partisan bill than it is a real attempt at solving the problem, but hopefully, it's an attempt to start solving the problem," Meadows said. The Post Office is calling for more federal cash and, again, blaming unreasonable retirement funding requirements. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Pelosi argued on Saturday that financial sustainability should not be a priority because so many people depend on the USPS for the delivery of medicine and other critical mail. The 2008 financial market meltdown was not a solo event, although its magnitude marks it for the history books. He suggested the Democrat-authored measure could serve as a launching point to a larger deal. A normally ceremonial role in the process of certifying the Electoral College results could have major implications for Vice President Mike Pence’s political future, as some Republicans look to him to aid their long-shot challenges to the 2020 presidential election. Cash flow and profits are not the same thing. Same Problems, Different Bailout for the Postal Service. It's just absolute insanity what we're doing here.”. Insurance is shipping insurance against loss or damage for the value of the goods mailed. The legislation, which the USPS supports, has passed the House with bipartisan support, and a Senate version also has bipartisan sponsors, but no vote has been scheduled yet. PREMO Member. And in recent years, the USPS has not made the required payment, citing a lack of available cash. While the U.S. Most stock quote data provided by BATS. Rep. James Comer, a Kentucky Republican, called the claims from Democrats “conspiracies, insinuations, and fabrications.”. When I talk about it, people say it's utterly absurd," said Rep. Peter DeFazio, the author of legislation that would remove that requirement. Trump has said that, rather than seeking a bailout, the agency should raise rates. Democrats and U.S. Maloney’s own primary results were delayed for weeks due to mail-in balloting problems, and her Democratic opponent, Suraj Patel, who was determined to be the loser, is suing to contest the results. Profitability factors in the costs of doing business, and in the case of the Postal Service, those costs are significant. Conservatives and centrists are calling on the USPS to slash employees benefits and restrict mail delivery. Ahead of the vote, Democrats released internal USPS documents showing a drop-in service that appears to coincide with Postmaster General Louis DeJoy’s takeover in June. … If the USPS would require full Medicare participation, it would eliminate about 90% of the USPS unfunded retiree health care costs. USPS. MY ACCOUNT LOG IN; Join Now | Member Log In. Democrats this summer rejected a White House offer of a $10 billion compromise and said that the $25 billion is backed by USPS's board of governors, which consists of Trump appointees. Congress has ignored the systemic problems hamstringing the Postal Service for too long. Postal Service funding package during an emergency Saturday session that the GOP labeled a political exercise aimed … ATLANTA — Democratic Senate candidate Raphael Warnock will be Georgia's first black senator after he defeated appointed Republican Sen. Kelly Loeffler in one of his state's critical runoffs. Trump said he is opposed to universal mail-in voting because it is vulnerable to fraud and other problems. Postal Service nevertheless is in need of a bailout. “He admitted on national television he was blocking the $25 billion in order to hobble mail-in voting,” Maloney said. That accounts for most of the agency's reported losses. The short answers are (a) politics and (b) it is less than $25 billion. From President Trump to Joe Biden, Florida Sen. Marco Rubio to New York Rep. Alexandria Ocasio-Cortez, direct cash payments are having a moment of unique bipartisan support, and Andrew Yang has a compelling argument for taking credit for that. Postal law, and investigations of those contracts, have confirmed that the USPS makes money on the contracts it has with Amazon and other major … Breitbart News 26 Apr 2012 (AP) Senate votes to slow closing of post offices HOPE YEN Associated Press WASHINGTON The Senate offered a lifeline to the nearly bankrupt U.S. A joint session of Congress that convenes Wednesday to certify Joe Biden’s presidential victory could drag on for days thanks to rules permitting hours of deliberation for any objections to state results. If the USPS doesn’t get a federal boost, supporters say, mail-in … But the economic downturn hit hard and made the payments unaffordable. 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