Friday, 03 Jan 2014 03:06 PM
By Cynthia Fagen
“This legislation will restore cost of living adjustments for our military retirees and not only replace the savings but nearly triple them, saving $17 billion over 10 years according to conservative USPS estimates,” Issa (R-Ca.), chairman of the House Oversight and Government Reform Committee, said in a statement.
“The common sense reform will help restore the cash strapped Postal service to long-term solvency and is supported by the president and key congressional leaders in both chambers, he said, referring to President Obama’s recommendation to eliminate Saturday service in his budget proposal.”
Package, express, and priority mail delivery would continue.
But the cash-strapped Postal Service says it does not have the money to meet its own obligation to a retiree healthcare trust fund. The USPS has tried to eliminate letter delivery on Saturday in the past, which it estimates would save about $2 billion a year. The USPS lost $16 billion in 2012.
House Budget Committee Chairman and co-author of the 2013 budget Paul Ryan (R-Wis.) said he was open to changing the military pension cuts “if people believe there is a better way to solve this problem.” Military retirees could face up to $124,000 in lost retirement pay over a lifetime. The one per cent annual cuts would save some $6.2 million over 10 years.
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