https://www.foxbusiness.com/economy/usps-halts-pension-contributions-warning-looming-cash-crisis
USPS operates under a board of governors with 9 members confirmed by the Senate and 2 executives chosen by the board, including the PostMasterGeneral. Currently, there are 4 Senate confirmed governors, all Biden appointees.
USPS has a borrowing limit of $15B. Yesterday USPS announced it was suspending its legally required contributions to workers' retirement pensions.
The objective here is force Congress to raise its "borrowing limit" to a "paltry" $34.5B.
This would allow them to continue "business as usual" for many years. As long as you don't mind your "business" losing billions of dollars every year.
If the Senate does its job, the USPS board of governors would be firmly controlled by Trump appointees. If the Senate does its job they will not raise the borrowing limit and force USPS to trim workers and services.
I am not holding my breath.
At this point our "Republican" majorities are a sick, sad joke. On us.
USPS operates under a board of governors with 9 members confirmed by the Senate and 2 executives chosen by the board, including the PostMasterGeneral. Currently, there are 4 Senate confirmed governors, all Biden appointees.
USPS has a borrowing limit of $15B. Yesterday USPS announced it was suspending its legally required contributions to workers' retirement pensions.
The objective here is force Congress to raise its "borrowing limit" to a "paltry" $34.5B.
This would allow them to continue "business as usual" for many years. As long as you don't mind your "business" losing billions of dollars every year.
If the Senate does its job, the USPS board of governors would be firmly controlled by Trump appointees. If the Senate does its job they will not raise the borrowing limit and force USPS to trim workers and services.
I am not holding my breath.
At this point our "Republican" majorities are a sick, sad joke. On us.