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U.S. NEWS Thursday 11 May 2017

Postal Service, citing losses, seeks higher stamp prices

By HOPE YEN bulk of revenue.
Associated Press The postal service is urging
WASHINGTON (AP) — The relief from the mandate
U.S. Postal Service is hop- to pre-fund retiree health
ing it can soon raise stamp benefits.
prices by a penny or more. Legislation in 2006 required
The postal service on the postal service to fund
Wednesday reported a 75 years’ worth of retiree
quarterly loss of $562 million, health benefits, something
despite growth in package that neither the govern-
delivery, due to continued ment nor private compa-
erosion in the use of first- nies are required to do.
class mail as well as expen- Legislation passed by a
sive mandates for its retiree House committee earlier
health care obligations. It this year would relieve the
also attributed losses to a postal service of much of
forced reduction in stamp the expensive pre-funding
prices last year. requirements and allow a
The postal service is gen- one-cent increase in the
erally barred under fed- price of a first-class stamp.
eral law from raising prices The Postal Regulatory
more than the rate of infla- Commission is also review-
tion. But it is seeking great- ing whether to offer more
er regulatory leeway to A customer places first class stamps on envelopes at a U.S. Post Office in San Jose, Calif. The U.S. leeway to raise stamp pric-
increase prices, including Postal Service is hoping it can soon raise stamp prices by a penny or more. es, a move opposed by
(AP Photo/Paul Sakuma)
a one-cent rate hike pro- many trade groups.
vided in a measure being nan. She said the postal to prefund retiree health tinued to notch double- First-class mail volume is
considered by Congress. service continues to ag- care and other items con- digit growth in its package down as people rely more
The current cost of a first- gressively cut costs. sidered beyond the man- business, boosted by the on email for online bill pay-
class stamp is 49 cents. The financial report shows agement’s control, it post- strength of Amazon and ments.
“America deserves a finan- what it described as “con- ed a loss. other Internet retailers. The number of first-class
cially stable postal service trollable” income of more Operating revenue came But that wasn’t enough to and marketing mail items
that can continue to play than $12 million for the to $17.3 billion, a decrease offset losses in both first- delivered during the last
a vital role in our economy three months that ended of $474 million from the class mail and marketing quarter was 34 billion
and society,” said Postmas- on March 31. But when tak- same time last year. mail, also known as “junk pieces, nearly a 4 percent
ter General Megan J. Bren- ing into account expenses The postal service con- mail,” which make up the decrease.q

Federal government records $182.4 billion budget surplus

By MARTIN CRUTSINGER the surplus for April totaled payments for last year. The year, which ends on Sept. such areas as the military
AP Economics Writer $182.4 billion, the second deadline had previously 30, will decline 4.6 percent and repairing the nation’s
WASHINGTON (AP) — The largest surplus after a re- been March. to $559 billion. That would aging infrastructure.
federal government ran the cord $189.8 billion surplus Through the first seven compare to a 2016 deficit The CBO has not been able
second highest monthly sur- set in April 2001. months of the current bud- of $585.6 billion. to project how much im-
plus on record this April as The government gener- get year, the government is The CBO’s deficit estimate pact Trump’s proposals will
tax revenues were pushed ally runs surpluses in April running a deficit of $344.4 is based on current law re- have on this year’s deficit
higher by a change in the reflecting the annual tax billion, down 2.4 percent maining unchanged. Presi- or in future years because
deadline for corporate tax deadlines. This year’s sur- from the same period a dent Donald Trump has so far the administration
payments. plus was inflated because year ago. called for a program of has not released its full bud-
In its monthly budget re- of a deadline change that The Congressional Budget tax cuts for individuals and get outline. That document
port, the Treasury Depart- allowed corporations until Office is projecting that the businesses, and increased is expected to come out
ment said Wednesday that April to make their final tax deficit for the full budget government spending in later this month.q