Republicans argued the USPS has long needed reform, but Congress has been unable to pass legislation to put it on a financially sustainable path. Disclaimer. Breitbart News 26 Apr 2012 (AP) Senate votes to slow closing of post offices HOPE YEN Associated Press WASHINGTON The Senate offered a lifeline to the nearly bankrupt U.S. Congress seems to have two legislative speeds: inertia in the face of an oncoming fiscal disaster, or ugly, last-minute scrambles to ram through sham legislation that often exacerbates already fraught situations. From President Trump to Joe Biden, Florida Sen. Marco Rubio to New York Rep. Alexandria Ocasio-Cortez, direct cash payments are having a moment of unique bipartisan support, and Andrew Yang has a compelling argument for taking credit for that. A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of failure bankruptcy.. A bailout differs from the term bail-in (coined in 2010) under which the bondholders or depositors of global systemically important financial institutions (G-SIFIs) are forced to participate in the recapitalization process, but taxpayers are not. PREMO Member. The letter says that the emergency funding is necessary to help the Postal Service “to offset COVID-19 revenue losses and allow improved access to borrowing authority from the Department of the Treasury.” WikiLeaks founder Julian Assange has been denied bail in the United Kingdom, where he has been jailed since 2019. The decline in letter volume has been more than made up by increased package shipments, as consumers make more purchases online. In the fourth quarter, USPS reported that it had lost $9 billion for the full year, despite an increase in package volume. Unless the U.S. President Trump appointed DeJoy, a businessman and prominent GOP donor, to reform the financially troubled USPS, which is on track to lose $9 billion this year and has lost nearly $70 billion over the past 11 years. Apparently they gave it to a homeless guy on a bicycle to deliver. "It doesn't need to make money." In April, USPS made an audacious request for $75 billion in assistance from the House of Representatives Committee on Oversight and Reform. “That’s what he said.”. Democrats blamed Trump for trying to hobble the USPS, which they said is tied to his effort to manipulate the Nov. 3 election. "This is the Postal Service. But in reality, the agency is generating billions in cash. Dozens voted by proxy rather than attending the unusual August Saturday session in person. The Postal Service Emergency Assistance Act (S. 4174) would provide USPS with up to $25 billion to cover revenue losses or operational expenses resulting from the COVID-19 coronavirus. Welcome to USPS.com. Postal Service officials are seeking a $75 billion bailout from taxpayers. Pelosi argued on Saturday that financial sustainability should not be a priority because so many people depend on the USPS for the delivery of medicine and other critical mail. President Trump's attorney Jay Sekulow suggested it would be unconstitutional for Vice President Mike Pence to reject the 2020 electoral votes on Wednesday. There was none,” Rep. Bob Gibbs, a Republican from Ohio. The legislation, which the USPS supports, has passed the House with bipartisan support, and a Senate version also has bipartisan sponsors, but no vote has been scheduled yet. Same Problems, Different Bailout for the Postal Service. Postal Service comes up with a turnaround plan to stop hemorrhaging money soon, taxpayers and consumers likely will be hit with a bailout bill of well in excess of $50 billion. USPS. Republicans dismissed Democratic arguments in favor of the money. It might feel like first-class postage is going up every few weeks, but the U.S. Republicans said the Postal Service is suffering from the same problems with on-time deliveries that have long plagued it. The USPS has lost billions every year for the last 13 years. Post a comment. A normally ceremonial role in the process of certifying the Electoral College results could have major implications for Vice President Mike Pence’s political future, as some Republicans look to him to aid their long-shot challenges to the 2020 presidential election. With $50B In Debt, US Post Office My Need A Bailout Soon. The rule took effect in 2007, just before the start of the Great Recession, when the Postal Service was still reporting profits. But the economic downturn hit hard and made the payments unaffordable. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The Republican move to object to the certification of the 2020 election results on Wednesday has some wondering, even hopeful, if the long-shot bid to overturn President-elect Joe Biden's win will lead to the Electoral College's demise. insidesources - Dec 9, 2017, 9:54 pm. Maloney’s own primary results were delayed for weeks due to mail-in balloting problems, and her Democratic opponent, Suraj Patel, who was determined to be the loser, is suing to contest the results. "There's no other entity on Earth that does anything like that. DeJoy testified on Friday before a GOP-led Senate oversight panel that he has not cut overtime or implemented any changes aimed at slowing down service. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. But it's looking to the government for a bailout with $25 billion rolled into a pandemic funding package held up in by lawmakers in DC. 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