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Friday, May 22, 2020

Has the US Postal Service asked Congress for a $75 billion bailout?

Mikayla Campbell, Gigafact Foundry
yes

In April, the U.S. Postal Service requested $75 billion in aid from Congress, citing the impact of the lower mail volumes during the coronavirus shutdowns.

The service "will not survive the summer without immediate help," according to Democratic Congressional leaders. The Heritage Foundation, a conservative think tank, is calling for major reform in how the system is managed, saying the "the coronavirus pandemic has only accelerated its pace" of long-term "collapse."

By the end of the 2018 fiscal year, the U.S. Postal Service had accumulated $139 billion of unfunded liabilities and debt, comprised of retiree health benefits, debt to the Federal Financing Bank and other liabilities.

Sources

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