WASHINGTON (AP) — The head of the financially struggling U.S. Postal Service says the agency must be allowed to ease the terms of prepayments into a retiree health care fund and eliminate general mail delivery on Saturday.
Postmaster General Patrick R. Donahoe told "CBS This Morning" the agency isn't asking Congress for money.
"I think most people don't realize we're 100 percent self-sufficient. We pay our own way," he said but noted that the agency is losing $15.9 billion this year.
Mr. Donahoe said the post office needs to refinance retirement health fund payments to $1 billion a year instead of $5 billion.
The Postal Service would continue package delivery on Saturday, he said, and keep post offices open. In this scenario, the agency could be $8 billion in the black each year, he said.
By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Independent voices from the TWT Communities
A carefully guided tour through the confusing world of modern bookselling and publishing.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Weekly agitation from a columnist who many believed to be one of the least likely to become known as a Conservative Republican.
Happiness is attainable. Morning to night. I love to teach, deal with folks that have an issue and really wish to tackle it and write.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention