Senate Approves $7 Billion Postal Service Overhaul

Source: US News and World Report

WASHINGTON  — A Senate panel approved on Wednesday legislation to free up about $7 billion to help sustain the nearly bankrupt U.S. Postal Service while the mail carrier fixes its finances.

The bill, offered by a bipartisan group of four senators, would allow the agency, the world’s largest mail carrier, to dip into surplus funds in a retirement account to use toward retirement incentives for workers and to make other payments.

It will now go to the full Senate for a vote, though it is unclear when that will occur.

The Postal Service expects to announce it lost as much as $10 billion in fiscal year 2011 when it reports its annual earnings next week.

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