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Postal chief lays out plan for agency survival

By The Associated Press

This article was published November 28, 2012 at 8:26 a.m.

— 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 Saturdays.

Patrick Donahoe told CBS This Morning that the agency isn’t asking Congress for money.

He said, “I think most people don’t realize, we’re 100 percent self-sufficient. We pay our own way.”

But, the postal chief notes, the agency is losing $15.9 billion this year.

Donahoe said the post office needs to refinance retirement health-fund payments to $1 billion a year instead of $5 billion.

He said the Postal Service would continue package delivery on Saturdays and keep post offices open. In this scenario, he says, the agency could be $8 billion in the black each year.

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