According to a recent GAO report, the Postal Service continues to be in dire straits financially.
GAO says that USPS has not made required payments of $11.1 billion to prefund retiree health benefits and has reached its $15 billion borrowing limit.
Accordingly, GAO says that Congress needs to take the following actions to help the Postal Service:
- Modify USPS’s retiree health benefit payments in a fiscally responsible manner
- Facilitate USPS’s ability to align costs with revenues based on changing workload and mail use
- Require that any binding arbitration resulting from collective bargaining takes USPS’s financial condition into account
The full report contains GAO’s analysis and recommendations of the ongoing financial struggles the USPS is facing.
