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Postal chief lays out plan for agency survival

- Associated Press - Wednesday, November 28, 2012

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.

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