'Officials had repeatedly warned that without congressional action, the Postal Service would run out of cash by 2024.'
The legislation cleared Congress last month after fully a dozen years of discussion that took on a new sense of urgency amid widespread complaints about mail service delays. Officials had repeatedly warned that without congressional action, the Postal Service would run out of cash by 2024.
The bill signing came the same day the Postal Service announced it plans to raise rates effective July 10. Under the proposal submitted to the Postal Regulatory Commission, the cost of a first-class Forever stamp would increase by 2 cents to 60 cents. The Postal Service Reform Act lifts budget requirements that have contributed to the agency’s red ink, and spells out that mail must be delivered six days a week, except for federal holidays, natural disasters and some other situations.
Now, future retirees will enroll in Medicare, while other health plans and the Postal Service cover only current retirees’ actual health care costs that aren’t paid for by the federal health insurance program for older people,
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