WASHINGTON – Sen. Tom Carper (D-Del.), Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security, will hold a hearing titled, "Addressing the U.S. Postal Service's Financial Crisis," on Tuesday, May 17, 2011 at 10:30 a.m. in room 342 of the Dirksen Senate Office Building in Washington, D.C.  

USPS has continued to suffer unsustainable losses that have threatened its long-term viability. It ended the second quarter of FY2011 with a net loss of $2.2 billion, compared to a net loss of $1.6 billion for the same period in FY 2010. The projected loss for the full fiscal year is now $8.3 billion.

By the end of the current fiscal year, USPS will have used all of its $15 billion line of credit with Treasury. It will end the year with just over $1 billion in cash, meaning it may not be able to make the $5.6 billion retiree health payment due at the end of the year. If no fundamental changes are made to address these challenges, USPS could completely run out of money and borrowing room by the end of FY2012.

Sen. Carper's hearing will address the USPS's dire financial crisis and potential stabilization solutions, which include cost cutting, increased productivity, and an array of legislative and regulatory changes USPS deems necessary to maintain the viability of the agency.

For more information or to watch a live stream of Sen. Carper's hearing, please click here.  

WHAT:
U.S. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security hearing, "Addressing the U.S. Postal Service's Financial Crisis"  

WHEN:
Tuesday, May 17
10:30 a.m.  

WHERE:
342 Dirksen Senate Office Building
Washington, D.C.  

WITNESSES:
Panel I:  

The Honorable Patrick Donahoe
Postmaster General and Chief Executive Officer
U.S. Postal Service  

Phil Herr
Director of Physical Infrastructure Issues
U.S. Government Accountability Office  

Panel II:  

Margaret Cigno
Director of Accountability and Compliance
U.S. Postal Regulatory Commission  

The Honorable David Williams
Inspector General
U.S. Postal Service  

Cliff Guffey
President
American Postal Workers Union  

Mark Strong
President
National League of Postmasters  

Jerry Cerasale
Senior Vice President, Government Affairs
Direct Marketing Association  

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