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Democrats introduce totally irrelevant bill on postal finances ...

House Democrats today introduced a bill to postpone for 90 days the required $5.5 billion trust fund payment due September 30 under the 2006 PAEA law. While the congressmen say that the bill would “give Congress an additional three months to consider ways to ensure that the Postal Service is profitable and competitive in the 21st century economy.”, the bill would really change nothing, since it is well known that the USPS is unable to make the payment anyway. The Postmaster General announced months ago that the USPS would not be making the payment, and has said that the USPS has enough cash to keep running until next summer.

So all the Democrats’ bill would accomplish would be to remove the possibility of a technical default on the trust fund payment. It would have no impact whatsoever on the postal service’s finances or its future viability.

So what exactly is the point?

Washington, DC – Ranking Member Elijah E. Cummings, joined by Representatives Norm Dicks, Ranking Member on the Appropriations Committee, Stephen F. Lynch, José Serrano, Gerald Connolly, Eleanor Holmes Norton and Danny K. Davis introduced legislation today to provide the U.S. Postal Service a 90-day extension on its pre-payment to the retired employee health benefit fund. “The Postal Service is one of our nation’s most trusted and reliable institutions,” said Cummings. “This short-term measure would give Congress an additional three months to consider ways to ensure that the Postal Service is profitable and competitive in the 21st century economy.”The bill would postpone by 90 days a $5.5 billion prepayment to the Postal Service’s retiree health benefits fund due September 30. This advance payment is required under the 2006 Postal Accountability Enhancement Act, which mandated that the Postal Service make accelerated annual payments to fully fund its anticipated retiree health care costs by 2016. This mandate is inconsistent with private sector policy, where companies typically prepay 70% to 80% of future retiree health care costs. The Postal Service has already paid more than $42 billion to the U.S. Treasury toward its employees’ future healthcare costs. “The truth is that the Postal Service is facing its financial challenges today in part because Congress changed the law in 2006, in a way that places extremely burdensome pre-funded health care requirements on the USPS that no other agency or organization must meet,” said Representative Lynch. “This measure will ensure that the Postal Service and Congress have additional time to work together on comprehensive legislation to improve the Postal Service’sWashington, DC – Ranking Member Elijah E. Cummings, joined by Representatives Norm Dicks, Ranking Member on the Appropriations Committee, Stephen F. Lynch, José Serrano, Gerald Connolly, Eleanor Holmes Norton and Danny K. Davis introduced legislation today to provide the U.S. Postal Service a 90-day extension on its pre-payment to the retired employee health benefit fund.

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