Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Post Office Looks to Cut $22 Billion in Costs

Details

  • Description

    FBN’s Rich Edson discusses the government’s efforts to save the U.S. Postal Service.

  • Duration 2:34
  • Date

Clips

Also in this playlist...

You Make it, They Take it

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Last year the US Postal Service was in the red by an estimated five billion dollars that it issues first quarter.

Expenses says suppressed revenues which it's not good by three billion.

Now congress is trying to cut back on funding rich -- latest from DC.

What's in store for the post office rich a well.

You know it depends on what congress figures out here the post office is in limbo it's promising not to Begin major restructuring until May fifteenth.

Hoping congress can agree on its future lawmakers are discussing buyouts layoffs closing post offices processing plants eliminating.

Saturday delivery and slower mail services that are basically two bills in congress to deal with this the house version.

Is more aggressive than the senate and establishes an independent commission.

To close plants and offices the post office says it wants to Begin reducing annual costs by 22 and a half billion dollars beginning.

In the next few years dating Connell north to a standing in the way then -- at this point -- Well the -- special interest unions want the jobs and benefits lawmakers want to ensure the government closes postal facilities and someone else's Stater district.

And businesses want to maintain low bulk -- prices to keep the advertisements also called junk mail.

Flowing and even the Senate's majority leader took to the floor in defense.

Of -- now.

Seniors love to get -- junk mail it's sometimes -- only way out communicating.

A feeling their part of the real world.

Elderly Americans more than any other group of people in America rely on -- Postal Service.

And -- jump now.

Another option on the table the post office to branch into other businesses Republicans oppose that they say.

That would essentially create a government conglomerate to compete with -- other industries back to you.

Let's wait a minute and.

Senior is love junk mail and that's how they didn't -- -- -- -- won't.

Really.

Come -- that Cheney -- How -- telephone everybody hit haven't thought well your neighbors.

Now well let's get your -- which you affect.

-- that's.

A big.

That's an all -- a doing -- out of the senate floor to defend junk mail.

Thank you mr.

-- trichet do you imagine us today red -- I don't know not day weigh in on this yeah.

Another reason to keep the post office I was in my -- has somewhere to go in the middle of the -- -- and drive my mama would then that is the path back at.

Load More