Sen. Carper: USPS Financial Losses Underscore Urgent Need for House to Act on Postal Reform Legislation
Aug 09 2012
WASHINGTON – Today, Sen. Tom Carper (D-Del.), chairman of the Senate subcommittee that oversees the U.S. Postal Service, released the following reaction to the announcement that the U.S. Postal Service lost $5.2 billion in the third quarter of fiscal year 2012:
"Last week the U.S. Postal Service defaulted on a $5.5 billion payment to the U.S. Treasury – the first default in its history. Today, we received more grim news that the Postal Service lost $5.2 billion in the third quarter of Fiscal Year 2012, two billion dollars more than its losses last quarter. Furthermore, in roughly 6 weeks the ailing American institution will likely default on another multi-billion dollar obligation to the U.S. Treasury. Clearly, the Postal Service's financial crisis is growing worse, not better. I'm not sure how much more evidence leaders in the House of Representatives need before they realize that the Postal Service is in dire straits and that the need for them to act on comprehensive postal reform legislation is urgent. The Postal Service supports a trillion dollar mailing industry and over eight million jobs. At a time when we're fighting to create jobs and grow our economy, allowing the Postal Service to go under is simply not an option. As I have said time and time again, the Postal Services' problems are serious, but they are also solvable if Congress moves quickly to pass legislation to reform this American institution. The Senate recognized the seriousness of this situation and acted nearly 4 months ago to pass a bipartisan reform bill. Since then the Postal Service has lost over $2 billion dollars at a rate of $25 million a day, yet the House continues to delay taking up any legislation to reform the Postal Service, further jeopardizing its future and the millions of Americans that depend on it. The House's refusal to act on postal reform legislation is fiscally irresponsible and is further eroding confidence in both the Postal Service and in Congress' ability to provide it with the reforms it needs to save itself. Simply put, time is running out for the U.S. Postal Service. I can only hope that as Members of Congress are back in their districts meeting with their constituents over the next month they will hear these concerns about the future of the Postal Service and be persuaded that they cannot continue to postpone passing comprehensive postal reform legislation until it is politically convenient."
Sen. Carper is a co-author of the 21st Century Postal Service Act of 2012.