PMG Testimony before the Senate Committee on Homeland Security and Governmental Affairs

Most importantly, I want to emphasize that contrary to recent uninformed commentary, and testimony from the Postal Regulatory Commission (PRC), our financial situation remains precarious. Yes, short-term deferring of employer contributions to retirement payments, and freeing up the use of restricted cash, has extended our cash liquidity projections. However, those actions do not make the Postal Service financially healthy or sustainable. The bottom line is that we are out of cash. We are borrowing from our employees’ retirement funds to continue operations. I am not comfortable with that, our employees are not comfortable with that, and those of you in Congress should also not be comfortable with that.

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