President Obama on Monday unveiled a plan to save the U.S. Postal Service and its employees from insolvency -- a plan that includes the possible end of Saturday mail service.
The White House plan, which is part of a larger proposal to cut $3 trillion from deficitsover the next decade, would first allow the U.S. Postal Service to use $7 billion from an overfunded pension account to avoid financial collapse.
It would also give the agency more breathing room by postponing a giant $5.5 billion payment due to a health care retiree fund in two weeks, as required by law.
Then it would also allow the U.S. Postal Service to bypass its regulatory commission to give it the option to raise stamp prices 2 cents to 46 cents for a first-class letter. It would also give the post office the green light to slash Saturday mail service.
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