The House on Tuesday evening passed a bipartisan reform bill that aims to save the U.S. Postal Service roughly $50 billion over the next 10 years.
In order to operate, the Postal Service relies on revenues from postage stamps and other services. Due to a drop in mail volume and a 2006 mandate that has the agency pre-funding retiree health-care costs for the next 75 years, the Postal Service has had 14 straight years of losses, and officials warned it would run out of cash by 2024 without congressional action. Under the Postal Reform Act, which passed with a vote of 342-92, $57 billion of the Postal Service's liabilities would be wiped clean, saving the agency another $50 billion over the next decade, The Washington Post reports.
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