U.S. House approves $50 billion relief bill for Postal Service
WASHINGTON, Feb 8 (Reuters) – The U.S. House of Representatives voted overwhelmingly on Tuesday a bill to provide the Postal Service (USPS) with about $50 billion in financial relief over a decade and requiring future retirees to enroll in a government health insurance plan.
The House voted 342-92 and it now goes to the Senate, where it is expected to be approved soon.
USPS has reported net losses of more than $90 billion since 2007 and Tuesday reported a net loss of $1.5 billion for the quarter ending Dec. 31.
One reason is 2006 legislation mandating it pre-fund more than $120 billion in retiree healthcare and pension liabilities.