- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
- John Boehner says GOP should support gay candidates: ‘I do’
- Grass-Whopper: Pan-fried cricket burgers go over big in New York City
Independent voices from the The Washington Times Communities
Topic - Thurgood Marshall Jr.
The nearly bankrupt U.S. Postal Service on Thursday reported losses of $57 million per day in the last quarter and warned it will miss another payment due to the U.S. Treasury, just one week after its first-ever default on a payment for future retiree health benefits.
With financial losses mounting, the nearly bankrupt U.S. Postal Service is urging the House to quickly pass legislation that would give it wide authority to close thousands of low-revenue post offices, reduce labor costs and end Saturday delivery.
"We have simply reached the point that we must conserve cash," Thurgood Marshall Jr., chairman of the Postal Service's board of governors, said in explaining the payment defaults.
"The bottom line is that the Senate bill does not provide the Postal Service with the flexibility and speed that it needs to have a sustainable business model," said Thurgood Marshall Jr., chairman of the postal board of governors. "Our financial condition has been deteriorating for several years, and we have been operating with a very low cash balance."